calculate the simple interest to be paid on a loan with the given principal, annual percentage rate, and…

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\n|principal|p|$23,200|\n|annual interest rate|$r$|13.69%|\n|number of years|$t$|13|\nenter the dollar amount rounded to the nearest cent. your answer:

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\n|principal|p|$23,200|\n|annual interest rate|$r$|13.69%|\n|number of years|$t$|13|\nenter the dollar amount rounded to the nearest cent. your answer:

Answer

Explanation:

Step1: Convert percentage to decimal

$r = 13.69%=0.1369$

Step2: Substitute values into formula

$I = P\times r\times t=23200\times0.1369\times13$

Step3: Perform multiplication

$23200\times0.1369 = 3176.08$ $3176.08\times13=41289.04$

Answer:

$41289.04$