In simple interest how would I calculate this to obtain an answer.
Find the imple interest on this loan:
$1000 borrowed at 8.2% for 1.5 years?
In simple interest how would I calculate this to obtain an answer.
Find the imple interest on this loan:
$1000 borrowed at 8.2% for 1.5 years?
Simple interest uses the formula: I=Prt
Where I=interest, P=principle, r=rate, and t=time
So we're looking for I, P=1000, r=.082 and t=1.5
therefore, I=(1000)(.082)(1.5)
Multiply to find your answer