Rita has a loan of $45,580. This loan has a simple interest rate 4% per year . What is the amount of interest that rRta will be

Question

3 years ago

13

charged on this loan at the end of the year?

1 answer:

Feliz [49] · Answer 1 · 2022-01-28T00:16:37+03:00

Answer:

$1,823.2

Step-by-step explanation:

Simple interest is calculated using the formula

I = P X R X T

where I is the interest amount

P is the principal amount: 45,580.

R is the interest rate which is 4 %, or 0.04%

T is time, One year.

I = $45,580 x 0.04 x 1

I = $1,823.2 x 1

I = $1,823.2