Calculate the simple interest on a $20,000 loan at an interest rate of 8 percent after 5 years.(1 point)
Responses
$1,600
$1,600
$800,000
$800,000
$80,000
$80,000
$8,000
Responses
$1,600
$1,600
$800,000
$800,000
$80,000
$80,000
$8,000