Question

Find the interest accrued on a $7500 loan with a 2.5% interest rate over 4 years

Answer 1

The simple interest accrued is = $750

Calculation of simple interest

The principal amount of the loan = $7500

The rate at which the interest is paid is = 2.5%

The time that it will take to pay the interest = 4 years

Using the formula for Simple interest;

SI= P×T×R/100

SI = 7500×4 × 2.5/100

SI= 75000/100

SI=$750

Therefore, the interest accrued on a $7500 loan with a 2.5% interest rate over 4 years is = $750

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