Jacob borrowed $30, 000 to start up his consulting business. the loan had simple interest rate of 6.2% for 3 years. use i= part to find the amount of interest he will pay with the loan. i= interest; p=principal: r= rate ( expressed as a decimal 0.062): t=time in year

The amount of interest is $5580.            

Step-by-step explanation:

Given : Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years.

To find : The amount of interest he will pay with the loan ?

Solution :

Using interest formula,

Where, P is the principal P=$30,000

R is the rate of interest R=6.2%=0.062

T is the time t=3 years.

Substitute the value in the formula,

Therefore, The amount of interest is $5580.