Asked by Patrick

what is the simple interest of 32500 for a 4 year loan at 4%?
Answered by Ms. Sue
I = PRT

I = 32,500 * 0.04 * 4

I = ?

Answered by Patrick
32500*4=1300*4=5200 why wouldn't I multiply it by 48 since it is a 4 year loan not a 4 month loan? isn't interest by the month not the year?
Answered by Ms. Sue
No. Loan percentage rates are for a year, not a month.

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