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vovangra [49]
3 years ago
7

Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years. Use I= part

to find the amount of interest he will pay with the loan.I= interest;p=principal: r= rate ( expressed as a decimal 0.062): t=time in year
Mathematics
1 answer:
sammy [17]3 years ago
6 0

Answer:

The amount of interest is $5580.            

Step-by-step explanation:

Given : Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years.

To find : The amount of interest he will pay with the loan ?

Solution :

Using interest formula,

I=P\times R\times T

Where, P is the principal P=$30,000

R is the rate of interest R=6.2%=0.062

T is the time t=3 years.

Substitute the value in the formula,

I=30000\times 0.062\times 3

I=5580

Therefore, The amount of interest is $5580.

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