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Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% simple interest for the loan for 5 years, h
Question
Kelsey takes out a loan for $6000 to start a business after high school. The bank charges her 8% simple interest for the loan for 5 years, how much interest will she pay?
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Mathematics
3 years
2021-08-12T11:43:49+00:00
2021-08-12T11:43:49+00:00 1 Answers
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Answer:
$2400
Step-by-step explanation:
Given data
Principal= $6000
Rate= 8%
Simple interest= ???
Time= 5 years
The expression for the simple interest is
Simple interest= PRT/100
Simple interest= 6000*8*5/100
Simple interest= 240000/100
Simple interest= $2400
Hence the simple interest after 5 years is $2400