Math, asked by tross2208, 2 months ago

Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% interest for the loan. After 5 years how much interest will be added on to the loan?

Answers

Answered by faithdaniellambiwony
19

Answer:

$2400

Step-by-step explanation

Answered by sadiaanam
1

The answer of the question is:-

After 5 years the total interest will be added on to the loan is =

From the given data of the question, we have got that,

The total amount Kelsey took loan from the bank is = $6000 (I)

The interest rate of the bank is 8% (r)

The time being for that the loan is taken 5 years(t)

The total interest will be=(6000*8*5/100)$

= 2400$

So total amount of interest 2400$ will be added on the loan after end of 5 years.

Simple Interest:-

Simple interest is the cost of borrowing money that does not take compounding into consideration. In other words, just the principal is affected by simple interest.

To know more about Simple interest kindly visit:-

https://brainly.in/question/641959

#SPJ3

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