To find the simple interest, we can use the formula:
Simple Interest = Principal x Interest Rate x Time
Given that the principal amount is $2,950, the interest rate is 10%, and the time is 1 year, we can substitute these values into the formula.
Simple Interest = $2,950 x 0.10 x 1
Calculating this expression:
Simple Interest = $295.00
Therefore, the simple interest owed for the loan would be $295.00.
Find the simple interest owed for the loan.
$2,950 at 10% for 1 year
1 answer