What is the simple interest of a loan for $1000 with 5 percent interest after 3 years?

whereonzgz

whereonzgz

Answered question

2023-01-19

What is the simple interest of a loan for $1000 with 5 percent interest after 3 years?

Answer & Explanation

Armeebildzku

Armeebildzku

Beginner2023-01-20Added 14 answers

S.I.=PRT100 where,
P = Principle amount ( $1000 )
R = rate of interest ( 5% )
T = Time in YEARS ( 3 )
thus
S.I.=100053100
=1053
=$150.
so simple interest will be $150.

Do you have a similar question?

Recalculate according to your conditions!

New Questions in High school statistics

Ask your question.
Get an expert answer.

Let our experts help you. Answer in as fast as 15 minutes.

Didn't find what you were looking for?