Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Get immediate and reliable solutions to your questions from a knowledgeable community of professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

1. You get a student loan from the New Mexico Educational Assistance Foundation to pay for your educational expenses this year. Find the interest on the loan if you borrowed ₱2 000 at 8% for 1 year. ​

Sagot :

samuelonum1

Answer:

$160

Step-by-step explanation:

Step one:

given data

Principal = $2000

rate= 8%

time t= 1 year

Required

The Simple interest paid after 1 year

Step two:

Simple interest = PRT/100

Simple interest = 2000*8*1/100

Simple interest = 16000/100

Simple interest =$160

The simple interest paid after 1 year is $160

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.