Question

Thang decided to borrow $8000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 7%. How much interest will Thang pay?​

Answer 1

P = $8,000 is principal

t = 3 years is the time

r = 0.05 or 5% is annual interest rate

I = the interest

I = P*r*t

I = 8000*0.05*3

I = $1,200

Thang will pay $1,200 interest

Answer 2

Answer:

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