Answer to Question #131156 in Financial Math for rk

Question

The simple interest on a loan of $16 000 at 9% p.a. over 4 years is?

Answer 1

SIMPLE INTEREST (S.I) = $\frac{P.R.T}{100}$

P = PRINCIPLE = $ 16000

R = RATE = 9%

T = TIME = 4 year

S.I. = $\frac{(16000)(9)(4)}{100}$

S.I. = $5760