How much interest will be paid in 2 years for a loan of $1500 at 8.25% simple interest?

8.25% = 0.0825 0.0825 ⋅ $1500 = $123.75 − a f t er t h e o n e ye a r $1500 + 123.75$ = $1623.75 0.0825 ⋅ $1623.75 = $133.96 − a f t er t h e seco n d ye a r $123.75 + $133.96 = $257.71 − an s w er

Answered by Anonymous | 2024-06-10

The interest paid in 2 years for a loan of $1500 at an 8.25% simple interest rate is $247.50. This is calculated using the simple interest formula. The process involves multiplying the principal amount, the rate, and the time period.
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Answered by Anonymous | 2024-12-23