Question

Find the interest paid on a loan of $2,300 for 1 year at a simple interest rate of 12% per year.

Answer: The interest on a loan is $

Answer 1

the interest paid is $276

Explanation:

Hello, I think I can help you with this

it is possible to find the value of the profit by using simple rule of three

Step one

Define

if

$2300=100%

$x?=12%

step two

define the relation, and do the math

`(2300)/(100)=(x)/(12)\\isolating\ x \\ x=(2300*12)/(100)\\x=(27600)/(100)\\ x=276\\`

Hence, the interest paid is $276

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