You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

Question

Moss

16 November, 11:51

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Answers (2)

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Matthias Snow · Answer 1

The interest you will pay which in my case which is you Ghnjmkjhgj is $105 hope you're happy with the answer : ]

Adam Duran · Answer 2

I=PRT

I=interest

P=principal

R=rate in decimal

T=time in years

given

P=1000

R=3.5%=0.035

T=3

I=1000*0.035*3

I=35*3

I=105

interest=$105