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insens350 [35]
3 years ago
14

You are given a loan from the bank for $1,000. The bank charges you simple interest at an annual rate of 4%. Choose the correct

equation below that shows how much interest you will pay if the loan is for 3 years.
Mathematics
1 answer:
marissa [1.9K]3 years ago
5 0
You will pay an interest of $120 for the three years of interest

4% of 1000 is 40
So for 3 years he would pay 40x3=120
All together he would have to pay 1120
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