Question
What is the simple interest for the loan $500 with a 6% interest rate for 10years?
Answers
Sarna
The simple interest for your loan amount $500 is $300.
Source: easycalculation dot com
Source: easycalculation dot com
Henry
I = Po*r*t
Po = $500
r = 0.06 = APR expressed as a decimal.
t = 10 years.
Solve for I.
Po = $500
r = 0.06 = APR expressed as a decimal.
t = 10 years.
Solve for I.