A loan for $4,000 is given at a 6% interest rate for 2 years. Find the simple interest owed on the loan.

I = $ 480.00

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year,

then, solving our equation

I = 4000 × 0.06 × 2 = 480

I = $ 480.00

The simple interest accumulated

on a principal of $ 4,000.00

at a rate of 6% per year

for 2 years is $ 480.00.

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