Find the simple interest Jacob Zucker owes on a 6-year student loan of $7000 at an annual interest rate of 6%.
A) $420
B) $252
C) $2520
D) $25
E) $426

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula I = PRT, where I is the interest, P is the principal amount ($7000), R is the rate (6% or 0.06), and T is the time in years (6). So, I = $7000 * 0.06 * 6 = $2520.

Find the Simple Interest Jacob Zucker Owes on a 6-Year