Register

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in 5 years?

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in 5 years?
asked 50.8k views
2 votes
Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in 5 years?

asked
User Jeannej
by
8.0k points

2 Answers

6 votes
By the formula I=PRT/100
P=PRINC AMOUNT
R=RATE
T=TIME / ANUE (yrs)
Giving p=2000
R=7%
T=5yrs
Substitute the values in the above formula gives
(2000)+(7)+(5)/100=20.12
answered
User Mojtaba Ghiasi
by
8.7k points
7 votes
7% of 2,000 is 140. sooooo
140 x 5= 700
answered
User Cowboydan
by
8.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!