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Thang decided to borrow $5000 from his local bank to help pay for a car. His loan was for 3 years at simple interest rate of 7%. How much interest will Thang pay?

Thang decided to borrow $5000 from his local bank to help pay for a car. His loan was for 3 years at simple interest rate of 7%. How much interest will Thang pay?
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4 votes
Thang decided to borrow $5000 from his local bank to help pay for a car. His loan was for 3 years at simple interest rate of 7%. How much interest will Thang pay?

asked
User Macpak
by
8.3k points

1 Answer

4 votes
I=prt
I=5,000×0.07×3
I=1,050
answered
User Amr Osama
by
8.3k points
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