How much interest will have to be paid on a loan of $50,967 for 23 months at a simple interest rate of 10.6% per year?
A) $10,354.80
B) $10,441.81
C) $9904.59
D) $10,805.00

Name: How much interest will have to be paid on a loan of $50,967 for 23 months at a simple interest rate of 10.6% per year? A) $10,354.80 B) $10,441.81 C) $9904.59 D) $10,805.00
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Question

Quizplus · Accepted Answer

Interest = Principal x Rate x Time= 50967 x 10.6% x 23/12= 50967 x 0.106 x 23/12= 10441.81

How Much Interest Will Have to Be Paid on a Loan