Question

How much simple interest will be due on a loan of $6000 at a 3.5% annual interest rate for one year?

A.
$210


B.
$350


C.
$2100


D.
$6210

Answer 1

1% would be £60
3% would be £180
0.5% would be £30
3.5% would be £210
103.5% would be £6210