Casper1410
Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?

Sagot :

MsARMY
The simple interest formula is I = P * r * t

P is the principal (2,000)
r is the interest rate (7% or 0.07)
t is the time (5)

2000 * 0.07 * 5 = 700

$700.00 is the interest

Joe has to pay $700.00 in interest.

Hope this helps :D 

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.