Question

You get a student loan from the new Mexico educational assistance foundation to pay for your educational expenses this year. Find the interest loan if you borrowed $2,000 at 8% for one year

Answer 1

Answer: To find the interest on a student loan for one year, you can use the simple interest formula:

Interest = Principal x Rate x Time

where:

Principal is the amount borrowed ($2,000 in this case)

Rate is the interest rate (8%, or 0.08 as a decimal)

Time is the duration of the loan (1 year)

Plugging in the values, we get:

Interest = $2,000 x 0.08 x 1

Interest = $160

Therefore, the interest on the loan for one year is $160.

Explanation: