Answer:
$100
Step-by-step explanation:
We want to calculate the interest on $2000 at 5% interest rate which Janet will pay each year.
The formula we will use the following simple interest formula for this:
[tex]I=P \times r \times t[/tex]
where [tex]P[/tex] is the principal amount, [tex]r[/tex] is the interest rate and [tex]t[/tex] is the time in years.
Interest = [tex]2000 \times 0.05 \times 1[/tex] = $100
Therefore, Janet needs to pay an interest of $100 each year for 3 years.
Answer:
Time in Years Interest Calculation
1 I = $2,000 × 0.05 × 1 = $100
2 I = $2,100 × 0.05 × 1 = $105
3 I = $2,205 × 0.05 × 1 = $110.25
Step-by-step explanation:
that is answer on plato hope this helps you
