max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off…

max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off over 3 years, how much interest will max pay?\n$?\nhint: i = prt

max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off over 3 years, how much interest will max pay?\n$?\nhint: i = prt

Answer

Explanation:

Step1: Identify the values of (P), (R), and (T)

Principal amount (P = 20000), interest rate (R=0.09) (since (9%= 9\div100 = 0.09)), time (T = 3)

Step2: Substitute into the simple - interest formula (I=PRT)

(I=(20000)\times(0.09)\times(3)) First, calculate (20000\times0.09): (20000\times0.09 = 1800) Then, calculate (1800\times3): (1800\times3=5400)

Answer:

(5400)