Need some help with setting it up please. Thank you.

Joanna wants to buy a car. Her parents loan her 5,000 for 5 years at 5% simple interest. How much will Joanna pay in interest?

5 * .05 * 5,000

Interest = (Principal)x(Rate)x(time) of the loan : )

To calculate the amount of interest Joanna will pay on the car loan, you will need the principal amount, the interest rate, and the loan term. Here's how you can calculate it:

1. Calculate the interest per year: Multiply the principal amount (loaned amount) by the interest rate.
Interest per year = Principal amount x Interest rate
In this case, the principal amount is $5,000 and the interest rate is 5%.
Interest per year = $5,000 x 0.05 = $250

2. Calculate the total interest paid over the loan term: Multiply the interest per year by the number of years.
Total interest = Interest per year x Loan term
The loan term is 5 years.
Total interest = $250 x 5 = $1,250

Therefore, Joanna will pay $1,250 in interest over the course of the 5-year loan.