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.