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A loan of $5000 is taken for 2 years at a simple interest rate of 8% per annum.

Practice Questions

Q1
A loan of $5000 is taken for 2 years at a simple interest rate of 8% per annum. What is the total interest paid?
  1. $800
  2. $600
  3. $400
  4. $200

Questions & Step-by-Step Solutions

A loan of $5000 is taken for 2 years at a simple interest rate of 8% per annum. What is the total interest paid?
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