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Monique wants to take out a simple interest loan for 2500 at 6.7 percent for 3.5 years How much will she pay in interest?
586.25
Matt wants to take out a simple interest loan on a car priced at 14289 The interest rate is 3.5 percent for 5 years How much will he pay in interest during the term of the loan?
2500.58 (A+)
Definition of simple interest?
Simple interest is a term that is used for quickly calculating the interest charge on a loan.
What is a simple interest in math?
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
VMonique wants to take out a simple interest loan for 2500 at 6.7 percent for 3.5 years How much will she pay in interest?
For simple interest, just multiply the capital (in this case 2500) times the interest rate (divided by 100) times the number of years.
What type of interest is better to have when applying for a loan?
A+ Simple Interest
Is the interest accrued on a student loan simple or compound interest?
its compound interest
Difference between simple and compound interest?
Simple interest is based on the original principle of a loan. Simple interest is generally used on short-term loans. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.
What is the simple interest on a loan of 5 700 at at 5.3 for 4.5 years?
The simple interest on a loan of 5 700 at 5.3 percent for 4.5 years is 1359.45.
What is the simple interest rate of a 525 loan at 4.5 for 60 days?
The simple interest on a 525 loan at the rate of 4.5 percent for 60 days is 3.9375.
What is the difference of simple interest and simple discount?
Simple interest refers to interest that is only paid on principal. Simple discount refers to the amount that is deducted from the amount of the loan.
Is a simple interest loan calculator simple?
Yes, usually these calculators just allow you to put in the principal amount of the loan, number of months the loan is over, and the interest rate and it helps you figure out your problems.
