Question

Need an answer checked!


Mai borrowed $12,000 at 5% interest for 6 years.



What was the total interest Mai paid?

$40000?

Answer 1

So if it is simple interest then

basically you are looking for the interest paid so
5%=5/100=0.05

assuming that the interest is calculated yearly
(12000 times 0.05) times 6 because 6 years so
if you calculate that out then you get 3600
Mai paid $3600 total

Answer 2

Hm, is it not 12,000=p*0.05*6

Did I do something wrong there?