Answer:
The amount of interest is $5580.
Step-by-step explanation:
Given : Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years.
To find : The amount of interest he will pay with the loan ?
Solution :
Using interest formula,
[tex]I=P\times R\times T[/tex]
Where, P is the principal P=$30,000
R is the rate of interest R=6.2%=0.062
T is the time t=3 years.
Substitute the value in the formula,
[tex]I=30000\times 0.062\times 3[/tex]
[tex]I=5580[/tex]
Therefore, The amount of interest is $5580.
