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You borrow $1000 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?

You borrow $1000 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?
asked 111k views
3 votes
You borrow $1000 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?

asked
User Joshayers
by
8.7k points

1 Answer

3 votes

Answer:

$ 54.87

Explanation:

answered
User PericlesTheo
by
8.2k points
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