what is the simple interest on a $14,500 loan at 9% interest for 5 years?

I = PRT

I = 14,500 * 0.09 * 5

You do 14500 times .09 then you add that to 14500 to get year 1 then repeat that till you get 22309.51.or something close to that.

Greg -- John's problem just asks for simple interest -- not total owed.

To calculate the simple interest on a loan, you can use the formula:

Simple Interest = Principal (Loan Amount) × Interest Rate × Time

In this case, the principal (loan amount) is $14,500, the interest rate is 9%, and the time is 5 years.

First, convert the interest rate to a decimal by dividing it by 100:
9% ÷ 100 = 0.09

Now, we can plug in the values into the formula:

Simple Interest = $14,500 × 0.09 × 5

Multiply the loan amount and the interest rate:
$14,500 × 0.09 = $1,305

Then, multiply the result by the number of years:
$1,305 × 5 = $6,525

Therefore, the simple interest on a $14,500 loan at 9% interest for 5 years would be $6,525.