Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years. Use I= part to find the amount of interest he will pay with the loan.I= interest;p=principal: r= rate ( expressed as a decimal 0.062): t=time in year

Answer:The amount of interest is $5580.            Step-by-step explanation:Given : Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years.To find : The amount of interest he will pay with the loan ?Solution : Using interest formula, [tex]I=P\times R\times T[/tex]Where, P is the principal P=$30,000R is the rate of interest R=6.2%=0.062T is the time t=3 years.Substitute the value in the formula,[tex]I=30000\times 0.062\times 3[/tex][tex]I=5580[/tex]Therefore, The amount of interest is $5580.