Question

Find the simple interest charge on a loan of $10,000 for 6 years if the yearly interest is 3.5%

Answer 1

Answer:

$2,100

Step-by-step explanation:

Principal (P) = $10,000

Rate (R) = 3.5%

Time (T) = 6 years

Simple Interest (SI) = PRT/100

=> SI = 10,000 × 3.5 × 6/100

=> SI = $2,100