If you borrow $2 000 today at 20% interest rate for 5 years, what is your simple interest in this case?
A)$2 000
B)$4 000
C)$4 976.64
D)$976.64
E)$2 976.64

Name: If you borrow $2 000 today at 20% interest rate for 5 years, what is your simple interest in this case? A)$2 000 B)$4 000 C)$4 976.64 D)$976.64 E)$2 976.64
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Simple interest is calculated as principal times rate times time. Here, it's $2000 * 20% * 5 = $2000.

If You Borrow $2 000 Today at 20% Interest Rate