You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How muc
h interest will you pay?
1 answer:
Answer:
$105
Step-by-step explanation:
The appropriate formula for the simple interest is ...
I = Prt
for principal P borrowed at rate r for time period t.
Filling in the given values, we find the interest to be ...
I = $1000×0.035×3 = $105
You will pay $105 in interest.
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