Question

you get a student loan from the educational assistance Foundation to pay for your educational expenses as you earn your associate's degree you will be allowed 10 years to pay the loan back find the simple interest on the loan if you borrow $3,600 at 8 percent

Answer 1

Simple interest = PRT/100

where p = $3600

R=8

T=10

Substituting into the formula;

S.I = $3600 x 8 x 10 /100

=$36 x 8 x 10

=$2880