Question

Laura borrows 10000 for 5 years at 6.5% rate. How much will the interest be after 3 years?

Answer 1

Answer:

is your answer $3250

Step-by-step explanation:

so we dont know our I (interest) but :

P (principal) = 10000

R (rate) = 6.5%  we'll have to turn it into the decimal which is 0.065

T (time) = 5 years

and our basic formula of finding I is I = PxRxT   so :

I = 10000 x 0.065 x 5

I = 3250