EleseP132109 EleseP132109
  • 28-10-2022
  • Mathematics
contestada

What is the simple interest for a loan of $2,000 that has a 2.2%rate for 3 years?

Respuesta :

DonaldoZ687541 DonaldoZ687541
  • 28-10-2022

The simple interest is given by:

[tex]I=P\cdot r\cdot t[/tex]

where:

P = Principal = 2000

r = rate = 2.2 = 0.022

t = time = 3

so:

[tex]\begin{gathered} I=2000\cdot0.022\cdot3 \\ I=132 \end{gathered}[/tex]

Answer:

$132

Answer Link

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