Question

Calculate the simple interest on a loan of $9000 at an interest rate of 8% for 6 years?​

Answer 1

$4,320

Step-by-step explanation:

Covert 8% to a decimal, in this case is 0.08. Then multiply all three values together.

9000 * 0.08 * 6 = 4320

Answer 2

Required solution :

Here we have been provided with the principal, rate of interest and the time period for which the loan was taken.

• Principal = $9000
• Rate = 8%
• Time = 6 years

Now, we know that simple Interest is calculated by the formula :

• 
  `\boxed{\sf{S.I. \: = \: (P * R * T )/(100) }} \: \red\bigstar`

Here in this formula,

• S.I. is simple Interest
• R is rate of interest
• T is Time
• P is Principal

Putting all the values in the formula,

`: \: \implies \: \sf{S.I. \: = \: (9000 * 8 * 6 )/(100) }`

`: \: \implies \: \sf{S.I. \: = \: (900 * 8 * 6 )/(10) }`

`: \: \implies \: \sf{S.I. \: = \: (90 * 8 * 6 )/(1) }`

`: \: \implies \: \sf{S.I. \: = \: 90 \: * \: 8 \: * 6 }`

`: \: \implies \: \sf{S.I. \: = \: 90 \: * \: 48 }`

`: \: \implies \: \underline{\underline \red{\sf{S.I. \: = \: 4320}}}`

`\underline{ \bf{Henceforth, \: simple \: interest \: on \: that \: loan \: is \: 4320 \: dollars}}`