SOLUTION: How much simple interest would be paid on a loan of $2720 at 14% for 3 years?
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Question 693846: How much simple interest would be paid on a loan of $2720 at 14% for 3 years?
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
Simple interest is calculated on the original principal only.
where:
= principal (original amount borrowed or loaned)
= interest rate for one period
= number of periods
so, if you have a loan of $ at % annually for years, you will pay:
$
$
$
$
$
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