You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?
$1,000
interest
0% 3.5%
100%
CHECK
$

The amount of interest to be paid is $105

Step-by-step explanation:

To find how much interest that will be paid, we will follow the steps below;

Simple Interest = PRT / 100

where p is the principal,  R is the rate and T is the time  in years

from the question given

principal P = $1000

Rate R = 3.5  

and time T = 3

substitute the values into the formula above

Interest = $1000×3.5×3   / 100

              =$10×3.5×3

               =$105

Interest = $105

The amount of interest to be paid is $105

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step-by-step explanation: