Amp2004 Amp2004

22-08-2017
Mathematics

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How much will it cost to borrow $2,500 for a year at a simple interest rate at 14% please explain

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Аноним Аноним

22-08-2017

Principle (P) = $ 2,500

Rate (R) = 14%

Time (T) = 1 year

Simple Interest (SI) = [tex] \frac{PRT}{100} [/tex]

SI = [tex] \frac{2500 * 14 * 1}{100} = \frac{25 *14}{1} = 350[/tex]

Hence, the answer is $350.

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