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Math Example Question:-Assume that you have a car loan for $20,000. Your interest rate is 4%. your time is 6 years. To find the simple interest?Question:-How can we find Simple Intrest?_____________________________Please Answer Both Questions Don't Spam Explain every step

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GIVEN THAT:-

➠ I have a CAR loan for $20,000. My INTEREST rate is 4% and TIME is 6 years.

FORMULA:-

➝ \: \: S.I = \frac{p \times r \times t}{100} \\

where,

S.I = simple interest

p = principal amount

r = rate

t = time

SOLUTION:-

➠ Given p = $20,000, r = 4, t = 6

⟶ \: \: S.I = \frac{200\cancel{00} \times 4 \times 6}{\cancel{100}} \\ \\ ⟶ \: \: S.I = 200 \times 4 \times 6 \: \: \: \: \: \: \\ \\ ⟶ \: \: S.I = 4800 \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \:

• simple interest = $4800

Thanks


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