Answered

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Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% simple interest for the loan for 5 years, how much interest will she pay?

Sagot :

Samuelonum1idn

Answer:

$2400

Step-by-step explanation:

Given data

Principal= $6000

Rate= 8%

Simple interest= ???

Time= 5 years

The expression for the simple interest is

Simple interest= PRT/100

Simple interest= 6000*8*5/100

Simple interest= 240000/100

Simple interest= $2400

Hence the simple interest after 5 years is $2400

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