Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years? In 3 years, Joe pays $ in interest.

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Mathematics

Pumpkin

Today, 11:46

Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years? In 3 years, Joe pays $ in interest.

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Sherleen · Answer 1

Joe will pay $420 in interest for three years. Using the PRT formula (principle/2000, rate/7%, time/3) you will multiply 2000 by 0.07/7% and then multiply that by the time of 3 for years. So 2000 times 0.07 times three equals 420, that's your answer.