Question

Thang decided to borrow ​$ from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of ​%. How much interest will Thang​ pay? Thang will pay ​$ nothing interest.

Answer 1

Answer: $1080

Step-by-step explanation:

Here is the complete question:

Thang decided to borrow ​$6000 from his local bank to pay for a car. His loan was for 3 years at a simple interest rate of 6​%. How much will he pay.

The formula to calculate simple interest is: (P × R × T)/100

where,

P = Principal = $6000

R = rate = 6%

T = time = 3 years

Simple interest = (P × R × T)/100

= (6000 × 6 × 3)/100

= 108000/100

= $1080

The simple interest is $1080