Question

Thang decided to borrow ​$3000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 5​%. How much interest will Thang​ pay?

Answer 1

$450

Explanation:

x/3000 = 5/100 (Cross multiply)

100x = 3000(5)

100x = 15000

100x/100 = 15000/100

x = 150

150(3) = 450