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28-12-2020
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If $13,000 is borrowed at 5.8% simple interest for 10 years, how much interest will be paid for the loan

Respuesta :

Ritmeks Ritmeks

30-12-2020

Answer:

7,540

Explanation:

Principle is $13,000

Rate is 5.8%

Time is 10 years

Therefore the simple interest can be calculated as follows

= principle × rate × time

= 13,000 × 5.8/100 × 10

= 13,000 × 0.058×10

= 7,540

Hence the simple interest is 7,540

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