Andrew borrowed $700 from the bank to start a pressure washing business. The bank charged a simple interest rate of 7% per year.
If it takes Andrew 3 years to pay back the loan, how much interest will he pay?
PLZ MAKE SURE IT IS RIGHT
2 answers:
Answer:6%
Step-by-step explanation:
Answer:
<em><u>Simple interest=(Principal×Rate×Time)/100</u></em>
Principal=$700
Rate=7%
Time=3 years
S.I.=(700×7×3)/100=147
Andrew has to pay a interest of <u>$147</u>.
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