Find the amount paid for the loan. $1500 at 9% for 2 years

QUESTION POSTED AT 20/02/2020 - 10:53 PM

Answered by admin AT 20/02/2020 - 10:53 PM

Assuming simple interest

I=PRT
Interset=principal times rate times time

principal=1500
rate=9%=0.09
time=2


I=1500 times 0.09 times 2
I=1500 times 0.18
I=270

interest=270
total is 1500+270=1770 total paied
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