SOLUTION: Brian loaned $4,000 to Lisa so that she could buy a car. Brian charges 3% simple interest per year. Lisa will pay him back in 5 years. How much interest will Lisa pay?
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Question 1080151: Brian loaned $4,000 to Lisa so that she could buy a car. Brian charges 3% simple interest per year. Lisa will pay him back in 5 years. How much interest will Lisa pay? Answer by kvijioct(5) (Show Source):
You can put this solution on YOUR website! Principal=Amount loaned=$4,000
Time = 5 years
Rate of Interest=3% per year.
Interest = (Principal*Time*Rate of Interest)/100
=(4,000*5*3)/100
=40*5*3
=600
So, Interest that Lisa will pay=$600
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