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How much simple interest will be charged on a 40,000 loan with a 7% interest rate that is paid back in 4 years?

How much simple interest will be charged on a 40,000 loan with a 7% interest rate that is paid back in 4 years?
asked 116k views
5 votes
How much simple interest will be charged on a 40,000 loan with a 7% interest rate that is paid back in 4 years?

asked
User CESCO
by
8.5k points

1 Answer

5 votes

Answer:$11200

Explanation:

I = prt

I = 40,000( .07)(4)

I = $11200

answered
User Jignesh Ansodariya
by
8.3k points
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