<PRE><B>Question 102893</B>
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</PRE>