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Calculate the simple interest on a loan with a principal of $6,000, an interest rate of 7.39%, and a term of four years.
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2 votes
Calculate the simple interest on a loan with a principal of $6,000, an interest rate of 7.39%, and a term of four years.

User Fullhdpixel
by
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2 Answers

6 votes
Hi there

The formula is
I=prt
I interest earned?
P principle 6000
R interest rate 0.0739
t time 4 years
So
I=6,000×0.0739×4
I=1,773.6

Hope it helps
User Ejaz
by
7.6k points
3 votes
Simple Interest Formula : I = Prt

Answer :

$1773.60
User Varundhariyal
by
7.3k points
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