## Related questions with answers

Question

Find the simple interest paid to the nearest cent for each loan amount, interest rate, and time. $1,000, 7%, 2 years

Solution

VerifiedStep 1

1 of 2The simple interest formula is:

$I=prt$

with $I$ the interest, $p$ the principal, $r$ the annual interest rate and $t$ the time in years.

Fill in the known values:

$I=\$1,000\times 0.07\times 2=\$140$

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