Casper1410 Casper1410

18-02-2015
Mathematics

Answered

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?

Answer :

18-02-2015

The simple interest formula is I = P * r * t

P is the principal (2,000)
r is the interest rate (7% or 0.07)
t is the time (5)

2000 * 0.07 * 5 = 700

$700.00 is the interest

Joe has to pay $700.00 in interest.

Hope this helps :D

Answer Link

Other Questions

a rectangular bumper sticker is 3 inches long it is 4 times as wide as it is long draw a diagram of the bumper sticker and label its dimensions

Preform the indicated operation Write your answer in proper a bi form HELP 4 6 8294 21 216

What is the derivative of ylnsecxtanxylnsecxtanx

Rani bought 9 similar notebooks she gave the cashier 10 and received change of 505 what was the cost of 1 notebook

what integer divided by six less eighteen is negative twentytwo

Why is discovering characters motivations in literature important

Which three ordered pairs complete the table to give solutions of the equation y x 7 A3 10 0 7 and 3 4 B3 10 0 7 and 3 4 C3 4 0 7 and 3 4 D3 4 0 7 and 3 4

my question is what is the gcf of 100 and 200

factor 13 out of 13x12

What multiplies to give me 600 but adds to give me 10