please help how do you figure out the simple interest on a $14,500 loan at 9% interest for 5 years ?
1.45 x 14,500 = ?
Thie assumes no payment and no compounding of interest until the end of the 5 year period.
the simple interest on a $14,500 loan at 9% interest for 5 years will be:
$14,500*(9/100)*5=$14,500*(0.09)*5=1305*5=6525...interest only..:-)
To calculate the simple interest on a loan, you need to know three variables: the principal amount (loan amount), the interest rate, and the time period. In this case, the loan amount is $14,500, the interest rate is 9%, and the time period is 5 years.
The formula for calculating simple interest is:
Interest = (Principal * Rate * Time) / 100
To find the interest on this loan, substitute the values into the formula:
Interest = (14,500 * 9 * 5) / 100
First, multiply 14,500 by 9: 14,500 * 9 = 130,500
Then multiply 130,500 by 5: 130,500 * 5 = 652,500
Finally, divide 652,500 by 100: 652,500 / 100 = $6,525
Therefore, the simple interest on a $14,500 loan at 9% interest for 5 years is $6,525.