Find the amount of interest due on the following simple interest loans. SHOW WORK!.

1. $4,200 at 12% for 2 yr.
2. $850 at 9% for 6 mo.
3. $4,000 at 15% for 3 yr.
4. $6,250 at 10% for 18 mo.
5. $10,000 at 8.5% for 4 yr.
6. $5,000 at 9% for 2 yr.

1 answer

i = Prt

so plug and chug

Did you know?

Simple interest is a basic form of interest that is calculated only on the principal amount of a loan or investment. To find the amount of interest due, you can use the formula: Interest = Principal x Rate x Time. Let's apply this formula to some examples: 1. For a $4,200 loan at 12% for 2 years, the interest would be: $4,200 x 0.12 x 2 = $1,008. 2. For an $850 loan at 9% for 6 months, the interest would be: $850 x 0.09 x 0.5 = $38.25. 3. For a $4,000 loan at 15% for 3 years, the interest would be: $4,000 x 0.15 x 3 = $1,800. 4. For a $6,250 loan at 10% for 18 months, the interest would be: $6,250 x 0.10 x 1.5 = $937.50. 5. For a $10,000 loan at 8.5% for 4 years, the interest would be: $10,000 x 0.085 x 4 = $3,400. 6. For a $5,000 loan at 9% for 2 years, the interest would be: $5,000 x 0.09 x 2 = $900. Remember, understanding simple interest can help you make informed financial decisions.