paul borrowed $6,000 for 5 years from a loan ...
paul borrowed $6,000 for 5 years from a loan company with a 12% simple interest rate. how much interest did he pay on this loan? $? hint: i = prt
Answer
# Explanation:
## Step1: Identify the values
$P = 6000$, $R=0.12$, $T = 5$
## Step2: Apply the simple - interest formula
$I=PRT$
$I=6000\times0.12\times5$
$I = 6000\times0.6$
$I=3600$
# Answer:
$3600$