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

1 Answer
Nov 4, 2016

Answer:

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]