Question

The following information is known about a loan. Time = 8 years Interest rate = 14% Principal = $1,010 What is the total amount of simple interest that is earned? $113.20 $1,131.20 $11,311.20 $113,112.00

Answer 1

${\huge{\star{\underbrace{\tt{\red{Answer}}}}}}{\huge{\star}}$

Given :

• Time = 8 years
• Rate = 14%
• Principle = $1,010

To find :

• Total amount of simple interest.

Solution :

We know that ,

${\boxed{\sf \star \ Si \: = \frac{p \times r \times t}{100} }}$

here,

• Si is simple interest
• p is principle
• r is rate
• t is time

Now,

${\sf{\implies \ Si \: = \frac{\cancel{1010} \times 14 \times 8}{\cancel{100}} }}$

${\sf{\implies \ Si \ = \ 10.1 \times 14 \times 8}}$

${\sf{\implies \ Si \ = \ \ 1131.2}}$

Hence the amount of simple interest is $1131.2.

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Answer 2

Answer:

its $1,131.20

Step-by-step explanation:

1,010x 0.14x 8