Question

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?

Answer 1

I=PRT
I=interest
P=principal
R=rate in decimal
T=time in years

given
P=1000
R=3.5%=0.035
T=3

I=1000*0.035*3
I=35*3
I=105

interest=$105

Answer 2

The interest you will pay which in my case which is you Ghnjmkjhgj is $105 hope you're happy with the answer :]