SOLUTION: Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest to her parents?

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest to her parents?      Log On


   

Question 412630: Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest to her parents?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
I=5000*0.05*5
I=$1,250