find the interest paid on a loan $2,200 for three years at a simple interest rate of 9% per year what is the interest on the loan
To find the interest paid on a loan with a simple interest rate, you can use the formula:
Interest = Principal * Rate * Time
Given:
Principal (P) = $2,200
Rate (R) = 9% per year = 0.09 (as a decimal)
Time (T) = 3 years
Now, let's substitute these values into the formula to calculate the interest:
Interest = $2,200 * 0.09 * 3
Calculating this expression:
Interest = $594
Therefore, the interest paid on the loan would be $594.
To find the interest paid on a loan, you can use the simple interest formula:
Interest = Principal x Rate x Time
In this case, the principal (amount of the loan) is $2,200, the interest rate is 9% per year, and the time is 3 years.
So, you can calculate the interest as follows:
Interest = $2,200 x 9% x 3 years
To calculate the interest amount, you need to convert the interest rate into a decimal. 9% is equivalent to 0.09.
Now, you can substitute the values into the formula:
Interest = $2,200 x 0.09 x 3 years
Simplifying the equation:
Interest = $594
Therefore, the interest paid on the loan is $594.
I = PRT
I = 2,200 * 0.09 * 3
I = $594