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How much interest is earned on a $5,000 loan at 10% interest for 3 years? please help

How much interest is earned on a $5,000 loan at 10% interest for 3 years? please help
asked 93.1k views
18 votes
How much interest is earned on a $5,000 loan at 10% interest for 3 years? please help

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User Acobster
by
8.4k points

2 Answers

9 votes

Answer:

$6655

Explanation:

I am assuming it is compound interest

$5,000 x 1.1^3 = $6655

answered
User Nick Fisher
by
8.4k points
8 votes
10% of $5,000 is 500, therefore you would do 500 x 3, which gives you your answer of $1,500.
answered
User Mojoken
by
7.3k points
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