Question

a college loan of 15000 has a 3% annual simple interest rate what is the interest the student will pay after 5 years

Answer 1

Interest = $ 90000

Explanation:

Given, Principal= $15000

Rate = 3%

Time = 5 years

Interest = P × R × T/100

Therefore, Interest = 15000 × 3 × 5/100

(dividing 100 by 5 to get 20)

= 15000 × 3 × 20

= 90000

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