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Joe took out a 5 year loan for 14,700 to buy a new car he has to pay 4.9% simple interest on the loan how much interest will joe have to pay in 5 years .? Plz help me 23 points plz help and explain

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wegnerkolmp2741o

Answer:

Joe pays $3601.50 in interest

Step-by-step explanation:

To find the interest, the formula for simple interest is

I = PRT

where I is the interest

P = Principal  = 14700

R = rate = .049

T = time in years = 5

Substituting in what we know

I = 14700 * (0.049) * 5

  =3601.50

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