Question

You borrow $10,000 to buy a car. The simple interest rate is 3%. You pay the loan off after 6 years. What is the total amount you paid for the loan?
Plz help, i need this answer. Thank ya ;^;

Answer 1

Formula: I=PRT

INTEREST= PRINCIPAL, RATE, TIME

I=(10000)(.03)(6)=1,800

1,800 is the interest, we need to add the principal for the final answer.

1800 +10000=11,800 final answer