paul borrowed $6,000 for 5 years from a loan company with a 12% simple interest rate. how much interest did…
paul borrowed $6,000 for 5 years from a loan company with a 12% simple interest rate. how much interest did he pay on this loan? hint: i = prt
Answer
Answer:
$3600$
Explanation:
Step1: Identify values
$P = 6000$, $R=0.12$, $T = 5$
Step2: Apply formula
$I=PRT=6000\times0.12\times5$
Step3: Calculate result
$I = 3600$