Thang decided to borrow $9000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of

Question

2 years ago

12

6%. How much interest will Thang pay?

1 answer:

Virty [35] · Answer 1 · 2022-06-06T23:25:23+03:00

Virty [35]2 years ago

8 0

$1620

calculate simple interest ( I) using I = PRT

where P is the amount borrowed, R is rate of interest and T is time in years

note that R = 6% = $\frac{6}{100}$ = 0.06

I = $9000 × 0.06 × 3 = $1620

Thang decided to borrow ​$9000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of