Question

Ryan takes out a student loan for $11,500 at a simple interest rate of 14.1% per year. If he does not make any payments, how much total interest will ryan wow at the end of 2 years?

Answer 1

3243

Explanation:

14.1 divided by 100 = 0.141

0.141 x 11,500 = 1621.5

1621.5 x 2 = 3243