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3) Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% interest for the loan. After 5 years how much interest will be added on to th…

3) Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% interest for the loan. After 5 years how much interest will be added on to th…
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10 votes
3) Kelsey takes out a loan for $6000 to start a business after high school. The bank

charges her 8% interest for the loan. After 5 years how much interest will be added
on to the loan?

asked
User Kunal Kumar
by
7.9k points

1 Answer

2 votes

Answer:

$2400

Explanation:

SIMPLE INTEREST = (P × T × R)/100

= (6000 × 5 × 8)/100

= 2400

answered
User Ameerah
by
7.8k points
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