What is the simple interest on a $14,500 loan at 9% interest for 5 years?
$14,500 * 0.09 * 0.05 = ??
$14,500 loan at 9% interest for 5 years is525.00
To calculate the simple interest on a loan, you need to know the principal amount (the amount borrowed), the interest rate, and the time period.
In this case, the principal amount is $14,500, the interest rate is 9%, and the time period is 5 years.
To find the simple interest, you can use the formula:
Simple Interest = (Principal amount * Interest rate * Time period) / 100
Plugging in the given values:
Simple Interest = (14500 * 9 * 5) / 100
To make it easier for calculation, we can divide the expression in two steps:
Step 1: 14500 * 9 = 130,500
Step 2: 130,500 * 5 = 652,500
Step 3: 652,500 / 100 = 6,525
So, the simple interest on a $14,500 loan at 9% interest for 5 years is $6,525.