Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Ask your questions and receive precise answers from experienced professionals across different disciplines. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Answer:
Interest would be $105.
Step-by-step explanation:
Your borrow $1000 on a simple interest loan. To find out interest we use this formula :
I = P R T
I = given Interest amount
P = $1,000 (Principal amount)
r = 3.5% or [tex]\frac{3.5}{100}[/tex] = 0.035 (rate of interest)
t = 3 (time in years)
Now we put the values
I = 1000 × 0.035 × 3
I = 1000 × 0.105
I = $105
You would pay interest $105.
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.
