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?

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asked Jan 9, 2017 50.8k views

2 Answers

Mojtaba Ghiasi · Answer 1 · 2017-01-11T11:29:14+0000

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

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?

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