Question

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?

Answer 1

Answer:

i think its 700

Step-by-step explanation:

7%of 2000 is 140 and 140 x 5 is 700

Answer 2

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