SOLUTION: Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a rate of 3%. What is the amount of interest he paid at the end of the loan?

SOLUTION: Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a rate of 3%. What is the amount of interest he paid at the end of the loan?

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Question 1151244: Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a rate of 3%. What is the amount of interest he paid at the end of the loan?
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.


The amount of simple interest is  900*0.03*3 = 81 dollars.


Here 0.03 = 3%;  the number 3 symbolizes 3 years.

See the lesson
- Simple interest percentage problems
in this site.

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