Question

Find the simple interest paid for 10 years on a $10,000 loan at 4% per year.

Answer 1

We can first find the interest needed for a year:
10000×0.04
=$400

To find the interest paid for 10 years,we would multiply the interest needed for a year by 10,which is:

400×10
=$4000

Thus the simple interest paid for 10 years is $4000.

Hope it helps!

Answer 2