SOLUTION: Can you please help me solve this? I think the answer is $1030. Find the interest on a $2000 loan at 7% for 5 years.

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Question 504395: Can you please help me solve this? I think the answer is $1030.
Find the interest on a $2000 loan at 7% for 5 years.
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
I = p*n*r
p=2000
n=5
r=7%=0.07
I= 2000*5*0.07
I= $700