Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

Sagot :

Answer:

$105

Step-by-step explanation:

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.

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.