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OpenStudy (anonymous):
How much interest will be paid in 1 year for a loan of $2500 at 9 1/2% simple interest?
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OpenStudy (anonymous):
do you know the formula?
OpenStudy (anonymous):
can you identify the principal and the interest rate?
OpenStudy (texaschic101):
Interest = Principle * rate * time ..... I = PRT P = 2500 R = 9 1/2 % = 9.5% = 0.095 T = 1 Now we sub into the formula I = (2500)(0.095)(1) now just multiply and what do you get ?
OpenStudy (anonymous):
237.5
OpenStudy (anonymous):
that's correct...add that number to the original number to get the total .:
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OpenStudy (anonymous):
237.5+2500=2,737.5
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