Joe barrowed $2,000 from the bank at a rate of 7% simple interest per year. How much will be in your account in 5 years?
1 answer:
For the answer to the question above,
The simple interest formula is I = P * r * t
P is the principal (2,000)
r is the interest rate (7% or 0.07)
t is the time (5)
2000 * 0.07 * 5 = 700
$700.00 is the interest
Joe has to pay $700.00 in interest.
I hope this helps
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