how much interest will mary owe if she borrows $2000 at a rate of 6% for 2 years?
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Loan Calculator
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How to Calculate Interest Charged on the Principal of a Loan ...
How to Calculate Interest Charged on the Principal of a Loan. Borrowing money isn't necessarily a bad thing. Without mortgage and automobile loans, ...
http://www.ehow.com/how_2221981_calculate-interest-charged-principal-loan.html
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Interest Rates - Loan - How to Calculate Interest Rates on Bank Loans
Interest rates are the cost you pay to borrow money on a loan. It's important to know how to calculate interest rates on bank loans.
http://bizfinance.about.com/od/debtandequity/bb/interest_rates.htm
To calculate the interest Mary will owe on her loan, you can use the simple interest formula:
Interest = Principal × Rate × Time
In this case, the principal amount (P) is $2000, the rate (R) is 6% (or 0.06 as a decimal), and the time (T) is 2 years.
Let's plug in the values into the formula:
Interest = $2000 × 0.06 × 2
Calculating this, we get:
Interest = $240
Therefore, Mary will owe $240 in interest if she borrows $2000 at a 6% interest rate for 2 years.