Asked by Anonymous
Andrew has a four-year college loan for $20,000. The lender charges a simple interest rate of 5 percent. How much interest will he have to pay?
simple interest = P × r × t
simple interest = P × r × t
Answers
Answered by
Ms. Sue
I = 20,000 * 0.05 * 4
I = $4,000
I = $4,000
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