Question

The simple interest on a loan of 200$ at 10 percent interest per year

Answer 1

The correct answer for this question is $20 per year until the loan is paid off

To calculate interest per year, multiply the principal basis for the rent by the interest per year then divide the value of interest per year by 12.

For simple interest on loans of 200 dollars at 10 percent interest per year, we calculate 20 dollars per year until the loan is paid off.