Question

Thang decided to borrow ​$70007000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 88​%. How much interest will Thang​ pay?

Answer 1

Answer:

Given:
- Principal (P) = $7000
- Rate (R) = 88% = 0.88 (in decimal)
- Time (T) = 3 years

Now, plug in the values:

7000 x times 0.88 x 3 = 18480

Thang will pay $18480 in interest over the 3-year period.