find the amount of simple interest on a loan of $3,500 at 9.5% interest, for 14 tears. Round to the nearest cent.
Thank you for the opportunity to help you with your question!
Principal amount = $3500
Interest rate = 9.5% per annum
Time period = 14 years
We know, formula for simple interest is -
Simple Interest = Principal X Rate X Time .........................(rate in %)
Therefore, SI = $ 3500X 9.5% X 14
Simple interest = $4655
So, a total of $ 4655 interest is earned in 14 years and the final amount after 14 years is $ 8155 ($3500 + $4655)
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?