OpenStax, Contemporary Mathematics §6.3 Simple Interest · Example 1 · Arithmetic · Money & interest

Simple Interest · Example 1

Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years. Then, calculate the loan payoff amount.

(a) Principal $P$ = $4,000, annual interest rate $r$ = 5.5%, and number of years $t$ = 4
(b) Principal $P$ = $14,800, annual interest rate $r$ = 7.9%, and number of years $t$ = 7

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OpenStax, Contemporary Mathematics · §6.3 Simple Interest · Example 1

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