Finance
To find the simple interest on a loan for 1 year at 12.5%,
multiply the amount of the loan by 0.125. What simple interest will you pay on a
loan of $1,458 at 12.5% for 1 year?
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Answers
The simple interest you will pay on a loan of $1,458 at 12.5% for 1 year is $182.25. This is calculated by multiplying the amount of the loan, $1,458, by 0.125, the interest rate of 12.5%. Therefore, the formula used is I = P x R x T, or interest = principal x rate x time.
