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how to find the interest for a 2% interest rate loan of $3000 for 1 year, BUT instead of the 2% in the example, switch it to 3% interest on a $3500 loan.

Sagot :

Answer: See Explanation

Step-by-step explanation:

Simple interest is calculated as:

= principal × rate × time.

The interest for a 2% interest rate loan of $3000 for 1 year will be:

= principal × rate × time.

= $3000 × 2% × 1

= $3000 × 2/100 × 1

= $3000 × 0.02 × 1

= $60

The interest for a 3% interest rate loan of $3500 for 1 year will be:

= principal × rate × time.

= $3500 × 3% × 1

= $3500 × 3/100 × 1

= $3500 × 0.03 × 1

= $105

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