Question

How much will it cost to borrow $2,500 for a year at a simple interest rate at 14% please explain

Answer 1

Principle (P) = $ 2,500

Rate (R) = 14%

Time (T) = 1 year

Simple Interest (SI) =
`(PRT)/(100)`

SI =
`(2500 * 14 * 1)/(100) = (25 *14)/(1) = 350`

Hence, the answer is $350.