Asked by Harish

What is the simple interest for the loan $500 with a 6% interest rate for 10years?

10 years ago

Answered by Sarna

The simple interest for your loan amount $500 is $300.

Source: easycalculation dot com

10 years ago

Answered by Henry

I = Po*r*t
Po = $500
r = 0.06 = APR expressed as a decimal.
t = 10 years.
Solve for I.

10 years ago

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