Mrs. King takes out a personal loan for $10,000 at a yearly simple interest rate of 9.1%. How much total interest will she owe a
t the end of 6 years?
1 answer:
Answer:
$5,460
Step-by-step explanation:
Given that :
Loan taken = principal (p) = $10,000
Simple Interest rate (r) = 9.1% = 0.091
Interest owed at the end of 6 years = t
Simple interest = (principal * rate * time)
Interest owed = 10,000 * 0.091 * 6
Interest owed = 910 * 6
Interest owed = $5,460
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