The simple interest formula is A=P⁢(1+r⁢t) Jared takes out a personal loan of $⁢5,000 with an annual interest rate of 6% for 3 years. How much interest will he pay in total?

Use the simple interest formula I = P × r × t. Substituting the loan amount, annual rate, and time gives I = $5,000 × 0.06 × 3 = $900. Jared will pay 900 dollars in interest, which is choice A.

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