Question

Find the simple interest charge and total loan amount for the following loans.

$12,000 at 10 1/2 % Interest = Total =
$9,500 at 7 1/4 % Interest = Total =



Please explain.

Answer 1

See, the simple interest is:

\(\Large \color{MidnightBlue}{\Rightarrow {Principal * Rate * Years \over 100} }\)

Answer 2

How many years is it btw?

Answer 3

It doesn't say how long it is.