What is the total intrest on a 4 year term loan of $1700 with a simple annual intrest of 8%
To calculate the total interest on a 4-year term loan with a simple annual interest rate of 8%, you can use the formula:
Total Interest = Principal × Interest Rate × Time
In this case:
Principal = $1700
Interest Rate = 8% = 0.08
Time = 4 years
Plugging in these values into the formula:
Total Interest = $1700 × 0.08 × 4
Total Interest = $544
Therefore, the total interest on the loan would be $544.