What is the simple interest for the loan $500 with a 6% interest rate for 10years?
The simple interest for your loan amount $500 is $300.
Source: easycalculation dot com
I = Po*r*t
Po = $500
r = 0.06 = APR expressed as a decimal.
t = 10 years.
Solve for I.
To calculate the simple interest for a loan, you need to multiply the principal amount (the loan amount) by the interest rate and the time period. In this case, we have a principal amount of $500, an interest rate of 6%, and a time period of 10 years.
To find the simple interest, you can use the formula:
Simple Interest = Principal * Rate * Time
Substituting the given values into the formula:
Simple Interest = $500 * 0.06 * 10
Now we can calculate the simple interest:
Simple Interest = $500 * 0.06 * 10 = $300
So, the simple interest for the loan of $500 with a 6% interest rate for 10 years is $300.