Question

How much will it cost to borrow $2,500 for a year at a simple interest rate at 14% please explain

Answer 1

Principle (P) = $ 2,500

Rate (R) = 14%

Time (T) = 1 year

Simple Interest (SI) = $\frac{PRT}{100}$

SI = $\frac{2500 * 14 * 1}{100} = \frac{25 *14}{1} = 350$

Hence, the answer is $350.