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You plan to borrow $625 for 2 years at 10% simple interest. How much interest will you pay on the loan?

You plan to borrow $625 for 2 years at 10% simple interest. How much interest will you pay on the loan?
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2 votes
You plan to borrow $625 for 2 years at 10% simple interest.

How much interest will you pay on the loan?

User Peter Ruderman
by
7.2k points

1 Answer

2 votes
Total interest=principle×interest rate×time
Total interest=625×0.10×2=125
User Hillin
by
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