Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% simple interest for the loan for 5 years, how much interest will she pay?

Sagot :

samuelonum1

Answer:

$2400

Step-by-step explanation:

Given data

Principal= $6000

Rate= 8%

Simple interest= ???

Time= 5 years

The expression for the simple interest is

Simple interest= PRT/100

Simple interest= 6000*8*5/100

Simple interest= 240000/100

Simple interest= $2400

Hence the simple interest after 5 years is $2400

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.