frootloops12397 frootloops12397
  • 18-11-2020
  • Mathematics
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What is the annual interest on a rate 5,000 loan with a simple interest of 6%

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sqdancefan
sqdancefan sqdancefan
  • 18-11-2020

9514 1404 393

Answer:

  300

Step-by-step explanation:

The annual interest is the product of the annual interest rate and the loan amount:

  I = Prt

  I = 5000·0.06·1 = 300

The annual interest on a 5,000 loan at 6% is 300.

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