Respuesta :
Here the simple interest amounts to 2,390,625.
Loan amount, P = $25,000
Interest rate, R = 6 3/8
Time, T = 15
Simple interest, I =?
Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
Simple interest is calculated based on a loan's principal or the initial deposit into a savings account. Simple interest doesn't compound, therefore a creditor will only charge interest on the principal sum, and a borrower will never be required to pay further interest on the interest that has already accrued.
I = P × R × T
I = $25,000 × 6 3/8 × 15
I = 2,390,625
Complete question:
A store manager obtained a loan of $25,000 at 6 3/8% interest, for 15 months to purchase supplies. find the amount of simple interest.
To learn more about simple interest
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