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
Explanation:
Step1: Identify the values
$P = 6000$, $R=0.12$, $T = 5$
Step2: Apply the simple - interest formula
$I=PRT$ $I=6000\times0.12\times5$ $I = 6000\times0.6$ $I=3600$
Answer:
$3600$