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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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## Answers ( )

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