Question

​enrique borrowed $3600 to put a down payment on a motorcycle. the loan had a simple interest rate of 8% for 2 years. use the formula i = prt to find the amount of interest he will pay on the loan. i = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years.

Answer 1

$576

Step-by-step explanation:

So first of all you want to start by finding what P, r and t would be.

• P = Principal amount ($$)
• r = interest rate (%)
• t = time (years)

Once I found all of those I put them into the equation (l = Prt) and solved (by putting it into a calculator obviously). That is how I came up with my answer. Check the screenshot provided to see what P, r and t would be and to see all my work! :)

Hope this helps! :)

Have a great day!

Answer 2

The amount of interest is $576.

Step by step explanation :

Given : ​Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years.

To find : The amount of interest he will pay on the loan.

Solution : Using the formula,

`I=P* R* T`

Where, I= Interest , P=principal , R= rate, T=time in years

We have given that :

P=$3600

R=8%=0.08

T=2 years

Substitute value in the formula to find interest,

`I=P* R* T`

`I=3600* 0.08* 2`

`I=576`

Therefore, The amount of interest is $576.