Question

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years. What is the amount of interest paid?

Answer 1

Explanation:

9,000

Answer 2

9514 1404 393

Answer:

$9000

Explanation:

If the loan is a simple interest loan paid in one lump sum, the amount of interest is ...

I = Prt . . . . . . annual rate r for t years

I = $30,000·0.06·5 = $9,000

The interest paid will be $9,000.