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A loan of $5000 is taken at a simple interest rate of 10% per annum. How much interest will be paid after 4 years? (2000)

Practice Questions

1 question
Q1
A loan of $5000 is taken at a simple interest rate of 10% per annum. How much interest will be paid after 4 years? (2000)
  1. $200
  2. $400
  3. $600
  4. $800

Questions & Step-by-step Solutions

1 item
Q
Q: A loan of $5000 is taken at a simple interest rate of 10% per annum. How much interest will be paid after 4 years? (2000)
Solution: Interest = Principal * Rate * Time = 5000 * 10/100 * 4 = $2000.
Steps: 0

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