Answer to Question #131156 in Financial Math for rk

Question #131156

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

Expert's answer

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

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