a college loan of 15000 has a 3% annual simple interest rate what is the interest the student will pay after 5 years
1 answer:
Answer:
Interest = $ 90000
Step-by-step explanation:
Given, Principal= $15000
Rate = 3%
Time = 5 years
Interest = P × R × T/100
Therefore, Interest = 15000 × 3 × 5/100
(dividing 100 by 5 to get 20)
= 15000 × 3 × 20
= 90000
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