Andrew has a four-year college loan for $20,000. The lender charges a simple interest rate of 5 percent. How much interest will
he have to pay? simple interest = P × r × t
a. $800
b. $4,000
c. $10,000
2 answers:
Given that loan amount P=20000
Interest rate r=5% = 0.05
Time of loan t=4 years
Now to find the interest amount we just plug those values into formula
simple interest = P × r × t
simple interest = 20000* 0.05* 4
simple interest = 1000 * 4
simple interest = 4000
Hence final answer is choice b. $4000.
Letra A Pois 5% De 20.000 É $ 800
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