1) Bruce L. Sprouts had to take a loan worth $5,000. The loan has a 3.5% interest rate.
He has to pay the loan off in 6 years.
A) How much will he have to pay for the interest?
B) How much will he have to pay total? Please answer fast show your work you will be marked as brain

A) $1,050

B) $6,050

Step-by-step explanation:

We solve using the Simple Interest formula

Simple Interest (I) = Principal × Rate × Time

From that above question, we have the parameters

Principal = $5000

Rate = 3.5 % = 0.035

Time = 6 years

A) How much will he have to pay for the interest?

Hence,

Interest = $5,000 × 0.035 × 6

= $1,050

Therefore, the amount of interest he will have to pay is $1,050

B) How much will he have to pay total?

The amount he will have to pay in contact =

Principal + Interest paid on loan

= $5,000 + $1,050

= $6,050

d

step-by-step explanation: