Find the amount paid for the loan.
$1500 at 9% for 2 years
$___
$1770
To find the amount paid for the loan, you need to calculate the total interest and add it to the principal.
Step 1: Calculate the interest
Interest = Principal x Rate x Time
Principal = $1500
Rate = 9% (0.09 as decimal representation)
Time = 2 years
Interest = $1500 x 0.09 x 2
Interest = $270
Step 2: Add the interest to the principal
Amount Paid = Principal + Interest
Amount Paid = $1500 + $270
Amount Paid = $1770
Therefore, the amount paid for the loan is $1770.
To find the amount paid for the loan, we need to calculate the total interest paid and add it to the principal amount.
First, we calculate the interest paid. The formula to calculate simple interest is:
Interest = Principal x Rate x Time
In this case, the principal amount is $1500, the interest rate is 9% (which can be written as 0.09), and the time period is 2 years. Plugging these values into the formula, we get:
Interest = $1500 x 0.09 x 2 = $270
The interest paid is $270.
To find the total amount paid for the loan, we need to add the interest to the principal:
Total amount paid = Principal + Interest = $1500 + $270 = $1770
Therefore, the amount paid for the loan is $1770.