Principal==12,000 interest is 5.6% ... for 5 years. how much interest will I pay.

Step-by-step explanation:

IF Simple interest; Simple Interest formula would be

S. I = Principal * rate * time

Principal = 12,000

rate = 5.6% or 0.056 as a decimal

time = 5 years

therefore S. I = 12,000 * 0.056 * 5

S. I = 3,360

Therefore, based on simple interest, you will pay $3,360 in interest.

IF Compound interest, the formula would be;

Compound interest = [ Principal * (1+rate) ^t ] - Principal

= [ 12,000 * (1+0.056) ^5 ] - 12,000

= [12,000*1.313165883] - 12,000

=15,757.9906 - 12,000

= 3,757.9906

Therefore, based on compounding, you will pay $3,757.9906 in interest.