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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Tryphena 3 years 2021-08-12T11:43:49+00:00 1 Answers 193 views 0

Answers ( )

  1. Giakhanh
    0
    2021-08-12T11:44:52+00:00
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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

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