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Andrew borrowed $700 from the bank to start a pressure washing business. The bank charged a simple interest rate of 7% per year. If it takes Andrew 3 years to pay back the loan, how much interest will he pay?

Respuesta :

mhanifa

Answer:

  • $147

Step-by-step explanation:

Given:

  • Loan amount = $700
  • Interest rate = 7% simple
  • Time = 3 years

Interest amount:

  • $700*3*0.07 = $147
manissaha129

Answer:

Simple interest=(Principal×Rate×Time)/100

Principal=$700, Rate=7%, & Time=3 years

→S.I. = (700×7×3)/100 = 147

Andrew has to pay a interest of $147.

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