The following information is known about a loan. Time = 8 years Interest rate = 14% Principal = $1,010 What is the total amount of simple interest that is earned?
Multiply 1,010 by 14% (which can be either 0.14 or 14/100) to get 141.4. Then multiply 141.4 by 8 to get 1,131.20. Then add the dollar sign ($) to get your answer, $1,131.20
