You agree to lend a friend $15,000 for a year at an annual interest rate of 20%. At the end of the year your friend must pay you ________ in interest.

A) $133
B) $750
C) $1,500
D) $3,000

Question

You agree to lend a friend $15,000 for a year at an annual interest rate of 20%. At the end of the year your friend must pay you ________ in interest.A)  $133B)  $750C)  $1,500D)  $3,000

tanvi goyal · Accepted Answer

Final Answer : D, Explanation :  The interest is calculated as Principal x Rate x Time = $15,000 x 0.20 x 1 = $3,000.

You agree to lend a friend $15,000 for a year at an annual interest rate of 20%. At the end of the year your friend must pay you ________ in interest.

A) $133
B) $750
C) $1,500
D) $3,000

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Learning Objectives

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