If the person borrowed $3000 for 3 years at a rate of 2%, how much interest will they owe for the loan

In this case were going to solve the question using "simple interst", so since were looking for the interest it will be I = PxRxT (I stands for "interest", P stands for "principal", R stands for "rate" and T stands for "time")

so P is $3000

R is 2%

and T is 3 years

so we'll have to turn our rate into a decimal which is 2% =.02

now to start the problem:

I = (3000) (.02) (3) (means 3000 x. 02 x 3)

I = $180 is your answer