   Chapter 10.I, Problem 1TIE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

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 a. $4,000 7 % 2 1 4 years b.$45,000 9 3 4 % 3 months c. $130,000 10.4 % 42 months (a) To determine To calculate: The amount of interest on loan, if the principal is$4000, the rate of interest is 7% and the time is 214 years.

Explanation

Given Information:

The principal is $4000, the rate of interest is 7% and the time is 214 years. Formula used: The simple interest formula is, Interest=Principle×Rate×Time Or, I=P×R×T Where, I is interest, P is principal, R is rate of interest and T is the time in years. Calculation: Consider the provided information, The principal is$4000, the rate of interest is 7% and the time is 214 years

(b)

To determine

To calculate: The amount of interest on loan, if the principal is $45000, the rate of interest is 934% and the time is 3 months. (c) To determine 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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