Question 102893: What amount of interest will you pay on a $8200 loan for 1 year if the interest rate is 15% annually?
Answer by jayanthihemkos@yahoo.com(87)   (Show Source):
You can put this solution on YOUR website! What amount of interest will you pay on a $8200 loan for 1 year if the interest rate is 15% annually?
Principal P= $8200
TIme N = 1 year
Rate of interest R = 15%
Simple interest = PNR/100
= 8,200*1*15/100
= 123000/100
= $1,230
Hence the simple interest = 1,230
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