Hayden plans to take a loan out to buy his Ultimate PC Gaming Desktop. He will borrow $6,200 from the bank
at a rate of 3.5% annually. The length of the loan will be
5 years. How much interest will Hayden have to pay on
the loan? What is the total that Hayden will have to pay
the bank back?
Give step by step plz

The rate of simple interest for loan was 8%

Step-by-step explanation:

Given

Principal amount = p = $6200

Time = t = 1 year

Amount after interest = $6696

We have to calculate the amount of interest first

So,

Interest amount =I= Amount after interest - principal amount

= 6696-6200

=$496

The formula for simple interest is:

The rate of simple interest for loan was 8%

Keywords: Simple interest, percentage

Learn more about simple interest at:

step-by-step explanation:

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