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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?

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1 Answer

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