document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=334065>Question 334065</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Donnell took out a college loan of $3000.  He will be charged 8% simple interest on the loan.<BR>\n" );
document.write( "A) How much interest will be due on the loan in three months?<BR>\n" );
document.write( "B) How much interest will be due on the loan in three years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #239343 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16949)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=239343\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Donnell took out a college loan of $3000.  He will be charged 8% simple interest on the loan.<BR>\n" );
document.write( "A) How much interest will be due on the loan in three months?<BR>\n" );
document.write( "B) How much interest will be due on the loan in three years?<BR>\n" );
document.write( "..<BR>\n" );
document.write( "P= 3000<BR>\n" );
document.write( "r=8% = (0.08)<BR>\n" );
document.write( "time = 3/12 = 1/4 year<BR>\n" );
document.write( "..<BR>\n" );
document.write( "I= 3000*0.08*1/4<BR>\n" );
document.write( "= $60 after 3 months.<BR>\n" );
document.write( "..<BR>\n" );
document.write( "per year interest = 60 *4 = $240<BR>\n" );
document.write( "for  3years it will be 3 * 240 = $720 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );