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Steven borrows $60,000 for school. The interest rate is 6.5%. He wants to pay off the loan in 12 years. What would be the simple interest rate?
$4,680
$4,680,000
$44,000
$46,800

Respuesta :

mhanifa

Answer:

  • D) $46800

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The amount of simple interest is:

  • Interest = Loan * rate * time

or

  • I = P * r * t

Given:

  • P = $60000, r = 6.5%, t = 12 years

Substitute and calculate:

  • I = 60000*(6.5/100)*12 = 46800

The matching choice is D.

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