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Mr. Hobbs took out a loan of $12,000 for 4 years at a simple annual interest rate of 7%. How much interest did he pay?

Mr. Hobbs took out a loan of $12,000 for 4 years at a simple annual interest rate of 7%. How much interest did he pay?
asked 162k views
4 votes
Mr. Hobbs took out a loan of $12,000 for 4 years at a simple annual

interest rate of 7%. How much interest did he pay?

asked
User Srikanth Avadhanula
by
7.8k points

1 Answer

3 votes

Answer:

Explanation:

I= P*r*t

I = 12000* 7% *4

Total interest paid was $3360.

answered
User Scroobius
by
8.1k points
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