Question

Cindy buys a boat for $15,000. This will be a simple interest
loan at 5.5% for 10 years. What is the interest on the loan?

Answer 1

Answer:

$8,250

Step-by-step explanation:

I = prt

I = ($15,000)(0.055)(10)

I = $8,250

Answer 2

The interest on the loan is $8250.00

The formula for determining simple interest is : loan amount x time x interest rate

Loan is the amount of money that Cindy borrowed. It is $15,000

interest rate = 5.5%

Time is the length of period of the loan. This is 10 years

$15,000 X 0.055x 10 = $8250

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