find the amount of simple interest on a loan o

label Algebra
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

find the amount of simple interest on a loan of $3,500 at 9.5% interest, for 14 tears. Round to the nearest cent.

Sep 25th, 2017

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)

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 20th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
Sep 25th, 2017
Sep 25th, 2017
Sep 26th, 2017
Mark as Final Answer
Unmark as Final Answer
Final Answer

Secure Information

Content will be erased after question is completed.

Final Answer