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A person borrows $5000 at a rate of 8% per annum for 3 years. What is the total
Practice Questions
Q1
A person borrows $5000 at a rate of 8% per annum for 3 years. What is the total interest paid?
$1200
$1500
$2000
$1800
Questions & Step-by-Step Solutions
A person borrows $5000 at a rate of 8% per annum for 3 years. What is the total interest paid?
Steps
Concepts
Simple Interest
– The calculation of interest based on the original principal amount, without compounding.
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