Jimmy took out a loan for $5,600 to pay for a home repair the bank offered an interest rate of 4.75 % how much interest would sh e pay after three years???
1 answer:
Answer:
$698
Step-by-step explanation:
Given that :
Principal = $5600
Rate = 4.75%
Time = 3 years
Simple interest = principal * rate * time
Simple interest = $5600 * 0.0475 * 3
simple interest = $798
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