Question

1. You get a student loan from the New Mexico Educational Assistance Foundation to pay for your educational expenses this year. Find the interest on the loan if you borrowed ₱2 000 at 8% for 1 year. ​

Answer 1

$160

Explanation:

Step one:

given data

Principal = $2000

rate= 8%

time t= 1 year

Required

The Simple interest paid after 1 year

Step two:

Simple interest = PRT/100

Simple interest = 2000*8*1/100

Simple interest = 16000/100

Simple interest =$160

The simple interest paid after 1 year is $160