Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
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.
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
