SOLUTION: using the formula for simple interest I=PRT determine the interest paid on a loan in the amount of 5,000 at 6% interest, paid back in 2 years
Algebra.Com
Question 588558: using the formula for simple interest I=PRT determine the interest paid on a loan in the amount of 5,000 at 6% interest, paid back in 2 years
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I = PRT
I = 5000*(0.06)*(2)
I = 600
So the interest paid is 600 dollars.
--------------------------------------------------------------------------------------------------------------
If you need more help, email me at jim_thompson5910@hotmail.com
Also, please consider visiting my website: http://www.freewebs.com/jimthompson5910/home.html and making a donation. Thank you
Jim
--------------------------------------------------------------------------------------------------------------
RELATED QUESTIONS
A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest (answered by mananth)
Using the simple interest formula I=PRT,DETERMINE THE AMOUNT OF INTEREST YOU'D PAY ON A... (answered by rfer)
a company borrows 91,000 for 6 years at a simple interest rate of 12.5% find the... (answered by rfer)
A company borrow $56,000 for 6 years at a simple interest rate of 10.5%. Find the... (answered by lynnlo)
a company borrows 81000 for 5 years at a simple interest rate of 7.5%. find the interest... (answered by Abdullahi2 hassan mamman)
Chloe’s Manufacturing Company borrows $295,000 for 5 years at a simple interest rate of... (answered by Boreal)
You take out a loan of $15,000 to purchase a car.
If your loan is for 3 years at a... (answered by Boreal,MathTherapy)
After 1 year, Jennifer paid $25 in simple interest on a loan. If she paid an annual... (answered by rfer)
Find the simple interest paid on a $550 loan at 2.2% annual interest for 12... (answered by Fombitz,Boreal)