Question

you get $2,000 loan at 9% interest rate and pays it back in 6 months. how much intereast will you pay on the loan

Answer 1

$90

Explanation:

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year,

then, solving our equation

I = 2000 × 0.09 × 0.5 = 90

I = $ 90.00

The simple interest accumulated

on a principal of $ 2,000.00

at a rate of 9% per year

for 0.5 years is $ 90.00.