Principal: \( \$ 30,000 \) Interest rate: \( 17 \% \) What is the interest?

To calculate the interest, you can use the formula: Interest = Principal × Rate × Time. If we assume you're calculating for one year, it would be: Interest = \( \$30,000 \) × \( 0.17 \) × \( 1 \) = \( \$5,100 \). So, the interest earned in one year at a 17% rate on a principal of $30,000 would be $5,100. Now, here's the fun part: Did you know that a high-interest rate like 17% is often associated with credit cards or personal loans? It can add up quickly if you're not careful! Always check the interest rates before committing to any financing. Also, if you're looking to save money on interest, consider making extra payments on loans whenever possible. Many people forget to check if their loan allows for additional payments without penalties, which can significantly reduce the total interest paid over time!