Question

The simple interest on a loan of $200 at 10 percent interest per year is
$10 per year until the loan is paid off.
$15 per year until the loan is paid off.
$20 per year until the loan is paid off.
$25 per year until the loan is paid off.

Answer 1

Answer:

C: $20 per year until the loan is paid off.

Explanation:

Answer 2

The simple interest on a loan of $200 at 10 percent interest per year is $20 per year until the loan is paid off.

What is the simple interest on the loan?

Simple interest is when only interest is paid on only the principal amount on the loan owed.

Simple interest = amount borrowed x interest rate x time

$200 x 0.1 = $20

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