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.
1 answer:
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
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