max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off…

max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off over 3 years, how much interest will max pay? $? hint: i = prt

max borrowed $20,000 so he could buy a car. if the loan has a 9% simple interest rate, and he pays it off over 3 years, how much interest will max pay? $? hint: i = prt

Answer

Explanation:

Step1: Identify values

$P = 20000$, $R=0.09$, $T = 3$

Step2: Apply simple - interest formula

$I=PRT$ $I=20000\times0.09\times3$ $I = 20000\times0.27$ $I = 5400$

Answer:

$5400$