Asked by kayla wallace on May 31, 2024
Verified
$7348.25 was the amount required to pay off a loan after 14 months. If the loan was at 8.25% per annum simple interest, how much of the total was interest?
Simple Interest
A method of calculating the interest charge on a loan based on the original principal amount and the rate of interest per period.
Annum
A Latin term for year, often used in financial contexts to denote per year.
- Achieve competency in implementing the concept of simple interest in assorted financial conditions.
- Find the interest rate, principal value, and total amount to be paid for loans and investments based on simple interest calculation.
Verified Answer
CM
Learning Objectives
- Achieve competency in implementing the concept of simple interest in assorted financial conditions.
- Find the interest rate, principal value, and total amount to be paid for loans and investments based on simple interest calculation.