Calculate the simple interest on a 20,000 loan an interest rate of 8% after 5 years
1,600
8,000
800,000
80,000
The simple interest on a $20,000 loan with an interest rate of 8% after 5 years can be calculated using the formula:
Simple Interest = (Principal x Rate x Time) / 100
Substituting the given values into the formula:
Simple Interest = (20,000 x 8 x 5) / 100
Simple Interest = 800,000 / 100
Simple Interest = 8,000
Therefore, the simple interest on the loan after 5 years would be $8,000.