Andrew borrowed $700 from the bank to start a pressure washing business. The bank charged a simple interest rate of 7% per year.
If it takes Andrew 3 years to pay back the loan, how much interest will he pay?
2 answers:
Answer:
<em><u>Simple interest=(Principal×Rate×Time)/100</u></em>
Principal=$700, Rate=7%, & Time=3 years
→S.I. = (700×7×3)/100 = <u>147</u>
Andrew has to pay a interest of <u>$147</u>.
Answer:
Step-by-step explanation:
<u>Given:</u>
- Loan amount = $700
- Interest rate = 7% simple
- Time = 3 years
<u>Interest amount:</u>
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