2. Darrell applied for a $5,200 loan from his credit union to purchase new office furniture. The simple annual interest rate on
the loan is 5%. How much interest will Darrell save if he obtains the loan for 2 years instead of 2 1/2 years?
1 answer:
Answer: $130
Step-by-step explanation:
Simple interest is calculated as:
= PRT/100
where P = principal = $5200
R = Rate = 5%
T = Time = 2 years
S.I = (PRT)/100
= (5200 × 5 × 2)/100
= 52000/100
= $520
Assuming the loan was obtained for 2 1/2 years, the simple Interest will be:
= (5200 × 5 × 2.5)/100
= 65000/100
= $650
This means he'll have saved:
= $650 - $520
= $130
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