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?

Interest would be $105.

Step-by-step explanation:

Your borrow $1000 on a simple interest loan. To find out interest we use this formula :

I = P R T

I = given Interest amount

P = $1,000 (Principal amount)

r = 3.5% or = 0.035 (rate of interest)

t = 3  (time in years)

Now we put the values

I = 1000 × 0.035 × 3

I = 1000 × 0.105

I = $105

You would pay interest $105.

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step-by-step explanation:

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