SOLUTION: Pam borrows $3,000 from the bank. She pays 7% simple interests for 3 years. How much interest does she pay over the 3-year period? I don't understand what I should do first.

Question 585180: Pam borrows $3,000 from the bank. She pays 7% simple interests for 3 years. How much interest does she pay over the 3-year period?
I don't understand what I should do first.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Pam borrows $3,000 from the bank. She pays 7% simple interests for 3 years. How much interest does she pay over the 3-year period?
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Interest = P*r*t
I = 3000*0.07*3
I = $630
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Cheers,
Stan H.
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