the following information is known about a loan.\ntime = 8 years\ninterest rate = 14%\nprincipal =…

the following information is known about a loan.\ntime = 8 years\ninterest rate = 14%\nprincipal = $1,010\nwhat is the total amount of simple interest that is earned?\n$113.20\n$1,131.20\n$11,311.20\n$113,112.00

the following information is known about a loan.\ntime = 8 years\ninterest rate = 14%\nprincipal = $1,010\nwhat is the total amount of simple interest that is earned?\n$113.20\n$1,131.20\n$11,311.20\n$113,112.00

Answer

Answer:

$1,131.20$

Explanation:

Step1: Identify the simple - interest formula

$I = Prt$

Step2: Substitute the given values

$P = 1010$, $r=0.14$, $t = 8$ $I=1010\times0.14\times8$

Step3: Calculate the product

$I = 1010\times1.12$ $I = 1131.20$