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12 September, 20:42

Rita has a loan of $45,850. This loan has a simple interest rate of 4% per year. what is the amount of interest that Rita will be charged on this loan at the end of one year?

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  1. 12 September, 20:54
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    Simple Interest = Loan + (Interest Percentage of Loan * number of years or months you are paying off)

    SI = $45 850 + (4% of $45 850 * 1)

    SI = $45 850 + ($1832)

    SI = $47 412
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