Find the simple interest on each loan.
-You borrow $\$ 7000$ from a credit union at $14 \%$ interest for 6 months. Find the total amount due on the loan.
A) $\$ 7490$
B) $\$ 7980$
C) $\$ 490$
D) $\$ 980$

Question

Quizplus · Accepted Answer

The simple interest is calculated using the formula $I = P \times r \times t$, where $P = 7000$, $r = 0.14$, and $t = 0.5$ (since 6 months is half a year). The interest $I = 7000 \times 0.14 \times 0.5 = 490$. The total amount due is the principal plus interest: $7000 + 490 = 7490$.

Find the Simple Interest on Each Loan $7000\$ 7000$7000 From a Credit Union At

Find the Simple Interest on Each Loan $\$ 7000$ From a Credit Union At