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Megan has a loan of $25,650. This loan has a simple interest rate of 4% per year. What is the amount of interest that Megan will be charged on this loan at the end of one year?

Respuesta :

Answer: interest of one year Loan is: $ 1,026


Step-by-step explanation:

Simple interest is applied just to the principal loan.

Because the question is just for the Simple interest we can use the formula to find the interest:

P*i*n

Where P is the principal (loan) = $ 25,650

i is the simple interest rate: 4%

n is the Period of time= 1 year.

Just Replace.

Therefore the simple interest is: P*i*n = $ 25,650*4%*1 = $ 1,026