Chapter 10, Problem 2CR

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# List the three factors that determine the amount of interest charged on a loan. (10-1)

To determine

The three factors that affect the amount of interest charged on a loan.

Explanation

Interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, the interest is calculated on the principal amount always.

The formula to calculate Simple interest is I=PRT, where I is the amount of interest, P is the principal amount, R is the rate of interest and T is the time duration.

Consider that principal amount of loan is $5,000, the rate of interest is 8% and the time period is 2 years. Substitute$5,000 for principal, 0

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