Question

How much simple intrest is to be paid on loan of $56,500 at 10.5% p. a. after 3 years
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Answer 1

Answer:

$74,297.5

Step-by-step explanation:

P = $56500

R% = 10.5%

T = 3 years

I = (P x R x T)/100

I = (56500 x 10.5 x 3)/100

I = (565 x 10.5 x 3)

I = $17797.5

Total money to be payed after interest = P + I

                                                                 = 56500 + 17797.5

                                                                 = $74297.5

Answer 2

Principal = $56500

Rate= 10.5%

Time=3 year

Simple intrest = Principal ×Rate×Time

= 56500×10.5×3

100

= 565×10.5×3

=$17797.5

Total money to be payed after simple intrest = Principal + Simple intrest

= 56500+17797.5

answer = 74297.5