What is the simple interest on a load of $2000 at a rate of 6% p.a. over 4 years?

1 Answer
Jim G.
Feb 12, 2018

#$480#

Explanation:

#"simple interest is found using the formula"#

#• " interest "=PRT#

#P" is the Principal, that is amount of loan"#

#R" is the rate of interest"#

#T" is the time in years"#

#rArr"interest "=$2000xx6/100xx4#

#color(white)(rArr"interest ")=(2000xx6xx4)/100#

#color(white)(rArr"interest ")=$480#

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