Find the simple interest owed for the loan.
$2,950 at 10% for 1 year
To find the simple interest, we can use the formula:
Simple Interest = Principal x Interest Rate x Time
Given that the principal amount is $2,950, the interest rate is 10%, and the time is 1 year, we can substitute these values into the formula.
Simple Interest = $2,950 x 0.10 x 1
Calculating this expression:
Simple Interest = $295.00
Therefore, the simple interest owed for the loan would be $295.00.
To find the simple interest owed for a loan, you can use the formula:
Interest = Principal × Rate × Time
Where:
Principal = $2,950
Rate = 10% (or 0.1 as a decimal)
Time = 1 year
Plugging in these values into the formula:
Interest = $2,950 × 0.1 × 1
Calculating this:
Interest = $295
Therefore, the simple interest owed for the loan is $295.
To find the simple interest owed for a loan, you can use the formula:
Simple Interest = Principal × Rate × Time
In this case, the principal amount is $2,950, the rate is 10%, and the time is 1 year.
First, convert the rate from a percentage to a decimal by dividing it by 100. So, 10% becomes 0.10.
Now, plug these values into the formula:
Simple Interest = $2,950 × 0.10 × 1
Multiply the principal ($2,950) by the rate (0.10) and multiply the result by the time (1 year) to get the simple interest.
Simple Interest = $2,950 × 0.10 × 1 = $295.
Therefore, the simple interest owed for the loan is $295.