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Find the simple interest on a loan of $14,000 at 8.7% interest for 10 months

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Final answer:

The simple interest on a loan of $14,000 at 8.7% interest for 10 months is $1015.

Step-by-step explanation:

To find the simple interest on a loan, we can use the formula: Interest = Principal × Rate × Time. In this case, the principal is $14,000, the rate is 8.7% (or 0.087 as a decimal), and the time is 10 months (or $rac{10}{12}$ years).

So, the interest = $14,000 × 0.087 × rac{10}{12} = $1015.

Therefore, the simple interest on a loan of $14,000 at 8.7% interest for 10 months is $1015.

User Tim Santeford
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