Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Calculate the simple interest on a $3,000 loan at a rate of 5.5% for 2 years

Sagot :

The simple interest is $330

Explanation:

Principal = $3000

rate = r = 5.5% = 0.055

time = t = 2 years

Applying the simple interest formula:

[tex]\begin{gathered} I\text{ = PRT} \\ P\text{ = principal, R = rate, T = time} \\ I\text{ = interest} \end{gathered}[/tex]

Inserting the values:

[tex]\begin{gathered} I\text{ = 3000}\times\text{ 0.055 }\times\text{ 2} \\ I\text{ = 330} \end{gathered}[/tex]

The simple interest is $330

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.