SOLUTION: what is the total interest paid on a $6000 loan at 5 % interest in 1 year

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Question 21463: what is the total interest paid on a $6000 loan at 5 % interest in 1 year
Answer by Paul(988) About Me  (Show Source):
You can put this solution on YOUR website!
Use +A=P%281%2Bi%29%5En%29
p=6000, i=0.05, n=1
A=6000(1+0.05)
=6000(1.05)
=6300
Hence the interst is 6300