i am trying to figure out how much in interest would u have paid out on 18,000$ if u paid it out over five yrs at 11%

Question

i am trying to figure out how much in interest would u have paid out on 18,000$ if u paid it out over five yrs at 11%

Answer 1

I = PRT

I = 18,000 * 0.11 * 5

I = ?

Answer 2

To calculate the amount of interest you would have paid out on $18,000 over five years at an 11% interest rate, you can use the formula for simple interest:

Interest = Principal * Rate * Time

Here's how you can apply the formula to your question:

1. Convert the interest rate from a percentage to a decimal by dividing it by 100. In this case, 11% becomes 0.11.

2. Determine the principal amount, which is $18,000.

3. Calculate the interest by multiplying the principal, interest rate, and time. You mentioned a time period of five years.

Interest = $18,000 * 0.11 * 5

4. Calculate the final answer using a calculator:

Interest = $18,000 * 0.11 * 5 = $9,900

Therefore, you would have paid out $9,900 in interest over five years on a $18,000 loan with an 11% interest rate.

i am trying to figure out how much in interest would u have paid out on 18,000$ if u paid it out over five yrs at 11%

I = PRT

9900

To calculate the amount of interest you would have paid out on $18,000 over five years at an 11% interest rate, you can use the formula for simple interest: