Question

Sam has a loan for $1200 at a rate of 9% annually. If the interest is not compounded, how much interest will he pay in 5 years? A) $54.40 B) $108.00 C) $540.00 D) $1740.00

Answer 1

Interest he will pay in 5 years is : 1200 x 9% x 5 + 1200 = 1740$