Answered

You borrowed $4500.00 at 9.5% for 6 years, what amount would you pay in interest? ​

Sagot :

Thaonguyen1id

Answer:

simple interest: I = P × r × t

I = 4500 × 9.5% × 6 = 2565

ShubhamchouhanvrVTid

The amount paid as interest is $2565.

What is simple interest?

Simple interest is calculated just on the loan's principal amount, whereas compound interest is calculated on both the principal and the cumulative interest.

It is given that the borrowed amount is $4500 at 9.5% for 6 years. The simple interest is calculated as:-

SI = ( P x R x T ) / 100

SI = ( 4500 x 9.5 x 6 ) /100

SI = $2565

Hence, the simple interest is $2565.

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