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How much interest will be paid in 2 years for a loan of $1500 at 8.25% simple interest ?

How much interest will be paid in 2 years for a loan of $1500 at 8.25% simple interest ?
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How much interest will be paid in 2 years for a loan of $1500 at 8.25% simple interest ?

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User Nimesh Patel
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1 Answer

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8.25\%=0.0825\\\\0.0825\cdot\$1500=\$123.75-after\ the\ one\ year\\\\\$1500+123.75\$=\$1623.75\\\\0.0825\cdot\$1623.75=\$133.96-after\ the\ second\ year\\\\\$123.75+\$133.96=\$257.71-answer
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User Deming
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