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Amy borrows $1,000 on a simple interest loan. She pays an annual rate of 3.5%. She will take 3 years to pay back the loan. How much interest will Amy pay?

Respuesta :

Answer:

105

Step-by-step explanation:

1,000 divided by 3.5% is 35

35 x 3 is 105

Since you are just asking for just the interest and not the total the answer is 105

The interest that Amy should pay is $105.

Given that,

  • Amy borrows $1,000 on a simple interest loan.
  • She pays an annual rate of 3.5%.
  • She will take 3 years to pay back the loan.

Based on the above information, the calculation is as follows:

[tex]= 1000 \times 3.5\% \times 3[/tex]

= 105

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