Question

Find the simple interest Jay owes on a five-year student loan of $48,000 with an annual interest rate of 5%.

Answer 1

P = $48,000
r (Rate) = 5%
t (Time) = 5 (Years)

Interest = Prt =(48,000)(0.05)(5)= $12,000

The simple interest is $12,000 over the course of 5 years, with an annual interest of 5% and a loan of $48,000

I hope that answers your question! (I'm new to this app so sorry if that's not what you were looking for!)