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Ron borrowed $30,000 to start up his consulting business. The loan at a simple interest rate of 6.9% for three years. Use the formula l = pet to find the amount of interest he w…

Ron borrowed $30,000 to start up his consulting business. The loan at a simple interest rate of 6.9% for three years. Use the formula l = pet to find the amount of interest he w…
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Ron borrowed $30,000 to start up his consulting business. The loan at a simple interest rate of 6.9% for three years. Use the formula l = pet to find the amount of interest he will pay on the loan. I= interest, p = principal, r = rate (expressed as a decimal 0.069), t = time in years. He will pay $ on the loan?

asked
User Kazhiyur
by
8.5k points

1 Answer

4 votes

Answer:

He will pay $6,210 on the loan

Step-by-step explanation:

Given Formula

answered
User Afrischke
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8.8k points
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