Question

Find the total amount due on a simple interest loan if the principal is 1500 with a rate of 7% for 4years assume one payment is made at the end of the 4years

Answer 1

=$1920

Explanation:

1. simple interest = (principle × rate × time) ÷ 100

principal: amount of money borrowed

rate: percentage at which you are to pay

time: timeframe in which u ought to repay

calculate what is in the brackets first

2. plug in the values

($1500×7×4)÷100 = $420

*calculate what is in the brackets first*

3. add the amount received when finished caluculating[in this case $420] to the original principal

4. $1500+$420=1$920