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23 May, 04:09

Jerome borrows $2,000 at 6% from his bank and has to repay the loan after 3 years. How much interest will Jerome have to pay on the loan?

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Answers (2)
  1. 23 May, 04:56
    0
    Answer: Repaying 2120, interest 120.

    Step-by-step explanation:

    Since we are looking for interest for 3 years, and each year we must multiply 2000 by 1.06, and we are doing this 3 times, our result is 2000*1.06^3=2120
  2. 23 May, 05:08
    0
    interest 120
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