Question

You borrow $30,000 to buy a new car. The simple interest

Answer 1

Answer:

I think you have a typo in the interest rate. If you want to calculate the interest on $30000 at 2% interest per year after 5 years, the answer is $3,000. If you want to calculate the interest on $30000 at 5% interest per year after 5 years,  the answer is $7500.

Step-by-step explanation:

I think you have a typo in the interest rate. If you want to calculate the interest on $30000 at 2% interest per year after 5 years, this is the correct answer:

The formula we'll use for this is the simple interest formula, or:

P= I × r × t

Where...

P equals the principal amount, which is $30000.00.

r equals interest rate, which in this case is 2% per year, or in decimal form, 2/100=0.02.

t equals time involved, which would be 5 years.

To find the simple interest, we multiply 30000 × 0.02 × 5 to get that the interest is: $3000.00

Now, if you want to calculate the interest on $30000 at 5% interest per year after 5 years, this is the correct answer:

The formula we'll use for this is the simple interest formula, or:

P= I × r × t

Where...

P equals the principal amount, which is $30000.00.

r equals interest rate, which in this case is 5% per year, or in decimal form, 5/100=0.05.

t equals time involved, which would be 5 years.

To find the simple interest, we multiply 30000 × 0.05 × 5 to get that the interest is $7500.00.

hope this helped! will you pls give a "thanks" and/or leave a brainllest since I had to do two different equations? :)