If you take out a loan for $2,000 at an annual interest rate of 10%, how much interest will you pay each year?

Name: If you take out a loan for $2,000 at an annual interest rate of 10%, how much interest will you pay each year?
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Question

Quizplus · Accepted Answer

To calculate the amount of interest, you can multiply the loan amount by the annual interest rate expressed as a decimal. So, 2,000 x 0.10 = 200. Therefore, you will pay $200.00 in interest each year.

If You Take Out a Loan for $2,000 at an Annual