Question

Calculate the loan for $10,000, at an annual percentage rate of 5%, for a term of 5 years. What is the amount of accrued interest?
Principal - $10,000.00

Rate - 5%

Time - 5 years

Hint: Use the simple interest formula to calculate the interest amount.

Answer 1

Answer:

Step-by-step explanation:

I= P*r*T

Interest equals 10,000 times 5% times 5 years

$2500  is the total interest.