Adrian took out a simple interest loan for $2000. The rate on this loan is 7% and he will pay it back in 5 years. How much money
will Adrian owe at the end of 5 years including interest?
2 answers:
Answer:
i think its 700
Step-by-step explanation:
7%of 2000 is 140 and 140 x 5 is 700
Answer: $700 interest
Note that the formula for simple interest is I=Prt
1. Identify the Principal amount (P), rate (r), and time (t)
Principal amount=$2,000
Rate: 7% (0.07)
Time: 5 years
2. Plug the numbers into the formula; always make sure that the rate is in decimal form and the time is in years.
2,000*0.07*5=700
3. Final answer: $700
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