Calculate the loan for $10,000, at an annual percentage rate of 5%, for a term of 5 years. What is the amount of accrued interest?

Principal - $10,000.00

Rate - 5%

Time - 5 years

Hint: Use the simple interest formula to calculate the interest amount.

Question

Peyton Proctor

16 January, 03:22

+1

Answers (1)

Know the Answer?

Ignacio · Answer 1

Step-by-step explanation:

I = P*r*T

Interest equals 10,000 times 5% times 5 years

$2500 is the total interest.

Calculate the loan for $10,000, at an annual percentage rate of 5%, for a term of 5 years. What is the amount of accrued interest?Principal - $10,000.00Rate - 5%Time - 5 yearsHint: Use the simple interest formula to calculate the interest amount.