If an amount of $2,000 is borrowed at a simple interest rate of 10% for 3 years,
1. How much is the annual interest?
2. How much is the total amount of interest paid during the life of the loan? Assume that only the interest is paid annually, and the principal is repaid at the end of three years.

Question

13-07-2024
Mathematics

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If an amount of $2,000 is borrowed at a simple interest rate of 10% for 3 years,
1. How much is the annual interest?
2. How much is the total amount of interest paid during the life of the loan? Assume that only the interest is paid annually, and the principal is repaid at the end of three years.

Sagot :

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