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The following information is known about a loan. Time = 8 years Interest rate = 14% Principal = $1,010 What is the total amount of simple interest that is earned? $113.20 $1,131.20 $11,311.20 $113,112.00

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The answer is below!!

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Step-by-step explanation:

[tex]1010[/tex] x [tex]14[/tex] ÷ [tex]100[/tex] x [tex]8[/tex] = $[tex]1131.2[/tex] [tex]or[/tex] $1,131.20

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