Question

Ron borrowed $20,000 to start up his consulting business. The loan had a simple interest rate of 66% for 4 years. Use the formula 1 prt to find the amount of interest he will pay on the loan interest, pprincipal, r = rate (expressed as a decimal 0.066), a time in years He will pay on the loan

Answer 1

Answer:

$I=$52800$

Step-by-step explanation:

Use the simple interest formula:

$SimpleInterest=I=PV*r*t$

Where:

$PV=Amount-of-money-borrowed$

$r=interest-rate$

$t=time(in-years)$

Using the data provide:

$I=20,000*0.66*4=$52800$