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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,
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,
Therefore, The amount of interest is $5580.