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Maths 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 QuestionsDon't SpamExplain every step |
Answer» Solution!!The concept of simple interest has to be USED here. The principal, rate of interest and TIME is given in the question. We have to find the simple interest. Principal (P) = $20,000 Rate of interest (R) = 4% Time (T) = 6 years We will use the interest formula and substitute the given values. Interest = (P × R × T)/100 Interest = (20,000 × 4 × 6)/100 Interest = 200 × 4 × 6 Interest = $4,800 Hence, the simple interest is $4,800. We can find the simple interest by using the formula. Simple interest = (Principal × Rate of interest × Time)/100 Simple interest = Amount - Principal Using these 2 formulae, ONE can find the simple interest! |
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