Please check my answer thanks :)
What is the simple interest on $14,500 loan at 9% interest for 5 years
Interest = $14,500 x 0.9% = 1305 x 5 =
6525
to go from percent to decimal fraction, divide by 100
9% = 0.09 (not 0.9)
14,500 * 0.09 = 1305 I agree, your .9 must be a typo
and yes, $6,525 is the answer
Thanks :)
To find the simple interest on a loan, you can use the formula:
Interest = Principal x Rate x Time
In this case, the principal is $14,500, the rate is 9% expressed as a decimal (0.09), and the time is 5 years.
Using the formula:
Interest = $14,500 x 0.09 x 5
Calculating this, you would get:
Interest = $6,525
So the simple interest on a $14,500 loan at 9% interest for 5 years would be $6,525.
I have checked your answer and it is correct! Great job!