Question

Drag the descriptions of each loan into order, from which will have the least simple interest owed to which will have the most simple interest owed.

Answer 1

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➷ I = P x r x t

I = 2500 x 0.04 x 6

I = $600

I = P x r x t

I = 2000 x 0.04 x 16

I = 1280

I = P x r x t

I = 2000 x 0.12 x 6

I = $1440

From least to highest, this is what you should put:

Loan of $2500 at 4% simple interest for 6 years

Loan of $2000 at 4% simple interest for 16 years

Loan of $2000 at 12% interest for 6 years

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