Chapter 10.I, Problem 1RE

### 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

# Find the amount of interest on each of the following loans.Principal Rate(%) Time Interest_______________________________________________________________________$5,000 8 2 years$800.00________

To determine

To calculate: The interest for the loan of $5000 over a period of 2 years at a rate of interest of 8% per annum. Explanation Given Information: The loan of$5000 is taken at the rate of interest, 8% per annum for the time period of 2 years.

Formula Used:

The simple interest formula is I=P×R×T, where T is the time period in years.

Calculation:

Consider the data provided as the loan of \$5000 is taken at the rate of interest of 8% per annum for the time period of 2 years.

Then the Interest can be calculated in the following manner,

Interest(I)

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