OpenStax, Contemporary Mathematics §6.3 Simple Interest · Example 1 · Arithmetic · Money & interest
Simple Interest · Example 1
Calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years. Then, calculate the loan payoff amount.
(a) Principal = $4,000, annual interest rate = 5.5%, and number of years = 4
(b) Principal = $14,800, annual interest rate = 7.9%, and number of years = 7
OpenStax, Contemporary Mathematics · §6.3 Simple Interest · Example 1
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