find the simple interest on a loan £9000 over 6 years at 11% p.a.
To find the simple interest on a loan, you can use the formula:
Simple Interest = Principal × Rate × Time
In this case, the principal (P) is £9000, the rate (R) is 11% expressed as a decimal (0.11), and the time (T) is 6 years.
Applying the formula:
Simple Interest = £9000 × 0.11 × 6
Calculating this:
Simple Interest = £5,940
Therefore, the simple interest on a loan of £9000 over 6 years at an annual interest rate of 11% is £5,940.
I = PRT
I = 9,000 * 0.11 * 6
I = ?
To calculate the simple interest on a loan, you can use the formula:
Simple Interest = Principal (P) x Rate (R) x Time (T)
Given:
Principal (P) = £9000
Rate (R) = 11% (which can be written as 0.11)
Time (T) = 6 years
Using the formula, we can calculate the simple interest:
Simple Interest = £9000 x 0.11 x 6
= £5940
Therefore, the simple interest on the loan of £9000 over 6 years at 11% p.a. is £5940.