Calculate the simple interest on a loan with a principal of 6000 an interest rate of 7.39 and a term of four years.?

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1108698

2026-05-14 11:05

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To calculate the simple interest, use the formula: ( \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} ). Here, the principal is $6000, the interest rate is 7.39% (or 0.0739), and the term is 4 years. Plugging in the values:

[ \text{Interest} = 6000 \times 0.0739 \times 4 = 1773.60. ]

Thus, the simple interest on the loan is $1773.60.

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