Based on the information given the type of interest will he be paying on the loan is simple interest.
What is simple interest?
Simple interest is use to determine the interest amount that is being paid or interest amount that is charge on the borrowed amount.
Simple interest is calculated using this formula
Simple interest=P×R×T
Where:
P=Principal
R=Interest rate
T=Time
Inconclusion the type of interest will he be paying on the loan is simple interest.
Learn more about simple interest here:https://brainly.com/question/20690803
