Question

Thang decided to borrow $2000 from his local bank to help pay for a car. His loan was for 3 years at a simple intrest rat it 5%. How much interest will Thang pay?

Answer 1

Answer:Thang will pay $300 as interest

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

P represents the principal

R represents interest rate

T represents time in years

I = interest after t years

From the information given

T = 3 years

P = $2000

R = 5%

Therefore

I = (2000 × 5 × 3)/100

I = 30000/100

I = $300