Ludwig borrowed $700,000 for a period of 2 years. His interest rate is 10%. How much interest will Ludwig pay in all? $[?]

SebastianK asked Sep 22, 2022

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9 votes

Ludwig borrowed $700,000 for a

period of 2 years. His interest rate is
10%. How much interest will
Ludwig pay in all?
$[?]

SebastianK asked Sep 22, 2022

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8 votes

Answer:

$140000

Step-by-step explanation:

Principle = $700000

Rate = 10%

Time = 2 years

Simple interest = P x R x T / 100

Simple interest = 700000 x 10 x 2 / 100

Simple interest = 70000 x 2

Simple interest = $140000

Stuart Marks answered Sep 27, 2022

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