Answer :
Answer:
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 [tex]\frac{3.5}{100}[/tex] = 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.
