Register

You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?
asked 62.4k views
0 votes
You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

asked
User Msouth
by
8.1k points

2 Answers

3 votes

Answer:

$105

Explanation:

I got this right on ttm trust me

answered
User Datwelk
by
8.8k points
7 votes
3.5% of $1000 is $35 a year so $35 x 3 years is $105 interest you will pay in 3 years
answered
User Commonpike
by
8.3k 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

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!