Casper1410 Casper1410

18-02-2015
Mathematics

contestada

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?

Respuesta :

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

Otras preguntas

A rectangular sticker is 3 centimeters wide and 5 centimeters tall, what is its area?

You and your friend are in the studio audience of a television game show. the show randomly picks 2 people in the audience. if there are 300 people in the audie

The dot plot below represents the number of dollars in allowance that students receive each week in Mrs. Jimenez’s class. What is the median amount of allowance

how we can improve saving culture

How do you solve this?

The Russian people had a lot of political and personal freedom under Stalin’s government. True False

What methods did Truman suggest for providing support to Greece and Turkey?

A population of bees is decreasing. The population in a particular region this year is 1250. After year 1, it is estimated that the population will be 1000. Aft

Mycorrhizal fungi form a mutualistic relationship with plants. with which part of the plant are they associated? a) stems b) leaves c) roots d) flowers

Two beams of coherent light are shining on the same piece of white paper. with respect to the crests and troughs of such waves, darkness will occur on the paper