Question

Compute the simple interest on a $1000 loan at 16.75 % for five years.

Answer 1

$837.5

Explanation:

here given

Principal (P)= $ 1000

Rate. (R)= 16.75%

time. (T)= 5year

we know

Simple interest (S.I)= PTR/100

1000*5*16.75/100

= $837.5