Find the amount of interest on each of the following loans.
Principal  Rate  Time  
a.  $4,000 


b.  $45,000 

3 months 
c.  $130,000 

42 months 
(a)
To calculate: The amount of interest on loan, if the principal is $4000, the rate of interest is 7% and the time is
Given Information:
The principal is $4000, the rate of interest is 7% and the time is
Formula used:
The simple interest formula is,
Or,
Where,
Calculation:
Consider the provided information,
The principal is $4000, the rate of interest is 7% and the time is
(b)
To calculate: The amount of interest on loan, if the principal is $45000, the rate of interest is
(c)
To calculate: The amount of interest on loan, if the principal is $130000, the rate of interest is 10.4% and the time is 42 months.
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