If a sum of $15,000 is borrowed at 13 percent for 1 year,the interest paid by the borrower is ________.

Name: If a sum of $15,000 is borrowed at 13 percent for 1 year,the interest paid by the borrower is ________.
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Question

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To find the interest paid by the borrower, we multiply the principal amount (the amount borrowed) by the interest rate and the length of time (in years). Therefore, the interest paid by the borrower is:
$15,000 x 0.13 x 1 = $1,950
The answer is (C) $1,950.

If a Sum of $15,000 Is Borrowed at 13 Percent