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?
1 answer:
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
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