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 ->  Customizable Word Problem Solvers  -> Finance -> 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       Log On

Ad: Over 600 Algebra Word Problems at edhelper.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) About Me  (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
--------------------------------------------------------------------------------------------------------------