Nicolas needs to borrow $6000 for 3 years. the bank offers him an offer: interest rate 7.4%per year pay the interest at the end of each year, this offer is simple interest
if he takes the offer what is the total amount of interest he will pay?
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given
% per year=7.4%
% for three year=7.4%*3=22.2%
simple interest=p*n*r/100
here p=$6000
n=3years
r=22.3%
$6000*3*22.2/100
$60*3*22.2
3,996
interest=3,996
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Answer:
Answer: 3,996
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