Question

Joe borrowed $3,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 4 years?

Answer 1

Answer:

$1050

Step-by-step explanation:

Simple interest =P*R*T/100,

substituting the values:

3000*7*5/100= 1050.

therefore Simple interest = $1050

Hope it helps