Mike has a loan of $36,320. This loan has a simple interest rate of 6% per year. What is the
1 answer:
Answer:
<h3> $2,179.2</h3>
Step-by-step explanation:
Given;
Loan = $36,320 (Principal)
Rate R = 6% = 0.06
Time T = 1year
Required
Interest that will be charged on this loan at the end of the first year
Using the formula for calculating simple interest as;
SI = PRT/100
SI = 36,320 * 6 * 1/100
SI = 0.06 * 36,320
SI = $2,179.2
Hence the amount of interest that will be charged on this loan at the end of the first year is $2,179.2
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