Find the interest on a student loan of $5,000 at 3.5% for 5 years.

Mathematics

1 answer:

iris [78.8K]2 years ago

3 0

Answer:P is the principal amount, $5000.00.

r is the interest rate, 3.5% per year, or in decimal form, 3.5/100=0.035.

t is the time involved, 5....year(s) time periods.

So, t is 5....year time periods.

To find the simple interest, we multiply 5000 × 0.035 × 5 to get that:

The interest is: $875.00

Step-by-step explanation:I=P×r×t

I hope this helps

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