SOLUTION: A credit union charges 2.25% simple interest on a 5 year loan of $8000. What was the interest on the loan?

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Question 994260: A credit union charges 2.25% simple interest on a 5 year loan of $8000. What was the interest on the loan?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A credit union charges 2.25% simple interest on a 5 year loan of $8000. What was the interest on the loan?
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I = P*r*t = 8000*0.0225*5 = 8000*0.1125 = $900.00
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Cheers,
Stan H.
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