Homework Help: algebra

Posted by Anonymous on Monday, March 4, 2013 at 3:51pm.

Andrew has a four-year college loan for $20,000. The lender charges a simple interest rate of 5 percent. How much interest will he have to pay?

simple interest = P × r × t

algebra - Ms. Sue, Monday, March 4, 2013 at 4:00pm
I = 20,000 * 0.05 * 4

I = $4,000

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