SOLUTION: Donnell took out a college loan of $3000. He will be charged 8% simple interest on the loan.
A) How much interest will be due on the loan in three months?
B) How much interest w
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Question 334065: Donnell took out a college loan of $3000. He will be charged 8% simple interest on the loan.
A) How much interest will be due on the loan in three months?
B) How much interest will be due on the loan in three years?
Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Donnell took out a college loan of $3000. He will be charged 8% simple interest on the loan.
A) How much interest will be due on the loan in three months?
B) How much interest will be due on the loan in three years?
..
P= 3000
r=8% = (0.08)
time = 3/12 = 1/4 year
..
I= 3000*0.08*1/4
= $60 after 3 months.
..
per year interest = 60 *4 = $240
for 3years it will be 3 * 240 = $720