Question

calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and number of years.
use this simple interest formula:
$i = prt$
interest formula
enter the dollar amount rounded to the nearest cent.

Explanation:

Step1: Convert rate to decimal

$r = \frac{14.21}{100} = 0.1421$

Step2: Substitute values into formula

$I = 18700 \times 0.1421 \times 8$

Step3: Calculate the product

$I = 18700 \times 1.1368 = 21258.16$

Answer:

$\$21258.16$