<prompt> Create a script to calculate the simple interest on a loan of 10000.  <response>: Sure! Simple interest is calculated using the formula I P r t, where I is the interest, P is the principal initial amount of the loan, r is the annual interest rate, and t is the duration of the loan in years.Heres a sample script that calculates the simple interest on a loan of 10,000:pythondef simple_interestprincipal, rate, time: interest principal rate time return interest define the principal, rate, and time valuesprincipal 10000rate 0.05 for example, 5 annual interest ratetime 2 the loan is for a duration of 2 years call the simple_interest function and print the resultinterest simple_interestprincipal, rate, timeprintThe simple interest on a loan of 10,000 is:, interestThis script will output the following:The simple interest on a loan of 10,000 is: 1000.0This means that the simple interest on a loan of 10,000 with an annual interest rate of 5 for a duration of 2 years is 1,000. Of course, you can modify the values of principal, rate, and time in the script to calculate the simple interest for other scenarios. 