i just suck @ math

a student borrows $5,000 at a fixed 4.8% simple interest rate. The loan period is 3 years. how much interest will the student pay on the loan....... i keep on getting $24k >:(

I=Prt = 5000*0.048*3

5000*0.048*3 = $720  

The interest will be $720

k thak you so much i fiured out what i was doing wrong

That is great :)