Register
Rita has a loan of $45,850. This loan has a simple interest rate of 4% per year. what is the amount of interest that Rita will be charged on this loan at the end of one year?
118k views
3 votes
Rita has a loan of $45,850. This loan has a simple interest rate of 4% per year. what is the amount of interest that Rita will be charged on this loan at the end of one year?

User Daphane
by
7.8k points

1 Answer

3 votes
Simple Interest = Loan + (Interest Percentage of Loan × number of years or months you are paying off)

SI = $45 850 + (4% of $45 850 × 1)
SI = $45 850 + ($1832)
SI = $47 412
User Mathew Thompson
by
7.7k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Mr. Jacob is 55 years old and tony is 7 years old. in how many years will mr. Jacobs be 4 times as old as Tony
Link Copied!