Find the interest paid on a loan of $800 at 8.5% interest for 2 years.
2006-10-05 03:57:18 · 16 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
141.78 is the answer to that - compounded yearly (daily would be more interest, for example). Payments would be right at 36.36 per month for 24 months.
2006-10-05 04:09:39 · answer #1 · answered by Vita 3 · 0⤊ 0⤋
the answer is very simple.
first multiply the interest percentage by 2 because the question asks for 2 years
then put it like this
8.5x2(17)/100 x 800=136
$136 is the interest paid on a loan of $800.
2006-10-05 11:31:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Interest=P*n*r/100
=principal*no. of years*rate/100
=800*2*8.5/100
=136$
2006-10-05 11:17:42 · answer #3 · answered by openpsychy 6 · 0⤊ 1⤋
Simple Interest = Principal * rate* Time / 100
Principal = $800
Rate = 8.55p.a
Time = 2 years
Interest = 800*8.5*2/100
Interest = 16*8.5
Interest = $136
2006-10-05 11:08:00 · answer #4 · answered by Gandhi T. 2 · 0⤊ 1⤋
For simple interest:
(800*8.5*2)/100=168
For cumulative interest counted for every month:
interest is : 147.68
2006-10-05 11:48:39 · answer #5 · answered by Mr. Tremendous 1 · 0⤊ 0⤋
8.5% interest in TOTAL for 2 years or per year?
cant u just use the calculator??
but anyway , interest for 2 years is $136?
0.085 x $800 x 2 yrs = $136.
correct me if im wrong.
2006-10-05 11:00:45 · answer #6 · answered by ellie 2 · 0⤊ 1⤋
The answer is $141.78.
Amount of the loan + interest in two years = $800(1+0.085)^2 = $941.78
The amount of interest = $941.78 - $800 = $141.78
2006-10-05 11:18:37 · answer #7 · answered by jtdelani 2 · 1⤊ 0⤋
simple interest?
800 * .17 = $136
2006-10-05 10:58:43 · answer #8 · answered by bequalming 5 · 0⤊ 1⤋
by this formul
interest=principle*rate of interst*time/100
interest = 800*8.5*2 = 136.0
therefore intrerest is $136 fo $800
2006-10-05 11:11:21 · answer #9 · answered by blue b 1 · 0⤊ 1⤋
8.5% interest * 2 years = 8.5 * 1.085 + 8.5 = 17.72%
800 * 0.1772 = $141.76 interest, or $941.76 total.
Assuming it is compounded yearly; you can use the same logic to solve if it is compounded monthly.
2006-10-05 11:01:24 · answer #10 · answered by paul 2 · 1⤊ 0⤋