SOLUTION: Calculate simple interest payable on a loan of $12000 borrowed from a bank at 15% per annum for 3 years

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Question 729568: Calculate simple interest payable on a loan of $12000 borrowed from a bank at 15% per annum for 3 years
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) About Me  (Show Source):
Answer by ikleyn(53427) About Me  (Show Source):
You can put this solution on YOUR website!
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Calculate simple interest payable on a loan of $12000 borrowed from a bank at 15% per annum for 3 years.
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Use standard formula for the simple interest

    I = 12000*3*0.15 = 5400 dollars.    ANSWER

Solved.

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The answer in the post by @lynnlo is incorrect, so ignore his post.