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

1 Answer
Binayaka C.
Nov 4, 2016

Simple interest to be paid is $10821.60.

Explanation:

Loan :P=$21600.Annual interest rate : r=16.7%. Period : t=3yrs.

Simple interest to be paid is P*r/100*t=21600*16.7/100*3 =$10821.60[Ans]

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