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Sam has a loan for $1200 at a rate of 9% annually. If the interest is not compounded, how much interest will he pay in 5 years?

Sam has a loan for $1200 at a rate of 9% annually. If the interest is not compounded, how much interest will he pay in 5 years?
asked 12.4k views
3 votes
Sam has a loan for $1200 at a rate of 9% annually. If the interest is not compounded, how much interest will he pay in 5 years?

asked
User Plzdontkillme
by
8.4k points

1 Answer

1 vote

Answer:

Explanation:

Interest = 1200 * 5 * 9 /100

= 12 * 5 * 9 = $540

answered
User Ronak Joshi
by
7.9k points
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