Find the simple interest owed for the loan.

​$2,950 at 10​% for 1 year

1 answer

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.