SOLUTION: Nate borrows $300 to buy a smartphone. He is charged 5% simple interest per year. How much interest, in dollars, will Nate pay after 2 years?

SOLUTION: Nate borrows $300 to buy a smartphone. He is charged 5% simple interest per year. How much interest, in dollars, will Nate pay after 2 years?

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Question 1137694: Nate borrows $300 to buy a smartphone. He is charged 5% simple interest per year.

How much interest, in dollars, will Nate pay after 2 years?
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
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The interest after 2 years will be  0.05*300*2 = 30 dollars.

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