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4 years ago

The simple annual interest rate on a loan is 5%. what is the interest due on a loan of $3,500 after one year

Business

2 answers:

Ganezh [65]4 years ago

4 0

The simple annual interest formula shows the interest charged on a loan.

To solve follow the formula - I = Prt

P is the principle, r is the annual interest in decimal form and t is the loan period.

I = ?

P principle = 3500

R interest rate = 0.05

T time 1 year

I=3,500×0.05×1

I=175

The answer is $175, so the amount of interest charged on the loan in one year is $175.

zlopas [31]4 years ago

3 0

The formula is
I=prt
I interest due ?
P principle 3500
R interest rate 0.05
T time 1 year
I=3,500×0.05×1
I=175

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