Question

Leena took out a student loan for her first year

of college. She borrowed $6,000. She was
charged a simple interest rate of 5%. How
much will Leena owe on her loan at the end of
four years?

Answer 1

I=prt
I=(6,000)(0.05)(4)
answer is 1,200

Answer 2

Explanation:

6000/100=60

60*5=300

300*4=1200