Question

How much simple interest would be paid on a loan of$21,600 at 16.7% for 36 months?

Answer 1

Simple interest to be paid is `$10821.60`.

Explanation:

Loan :`P=$21600`.Annual interest rate : `r=16.7%`. Period : `t=3`yrs.

Simple interest to be paid is `P*r/100*t=21600*16.7/100*3 =$10821.60`[Ans]