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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?
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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
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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
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