Question

Please help meeeeee

Grace takes out a loan of $9,573.00 at a 4% simple rate for 4 years. a) How much interest will be paid after 2 years? b) How much total interest will be paid for this loan?​

Answer 1

• Principal=P=9573$
• Rate of interest=4%=R

#1

• Time=T=2yrs

Interest be I

`\\ \rm\hookrightarrow I=PRT/100`

`\\ \rm\hookrightarrow I=9573(4)(2)/100=76584/100=765.84\$`

#2

• T=4yrs

`\\ \rm\hookrightarrow I=9573(4)(4)/100=153168/100=1531.68\$`

Answer 2

a) $765.84

b) $1,531.68

Explanation:

Simple interest formula: SI = PRT

where P = principal amount of loan, R = annual rate of Interest in decimal format, and T = Time.

Given:

• P = 9573
• R = 4% = 4/100 = 0.04

a) when T = 2:

SI = 9573 x 0.04 x 2 = 765.84

b) when T = 4:

SI = 9573 x 0.04 x 4 = 1531.68