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The formula for finding the interest on a loan is I = prt. Jack borrows $2,000 for 2 years at a rate of 2%. How much interest will he owe?
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The formula for finding the interest on a loan is I = prt. Jack borrows $2,000 for 2 years at a rate of 2%. How much interest will he owe?

User Bacari
by
8.1k points

2 Answers

4 votes
Interest= Multiply (price)(rate)(time)
($2,000)(0.02)(2)
Hope this helps!! :)
User Cian E
by
8.3k points
3 votes


i = p * r * t

i = 2000 * .02 * 2

2000 * .02 = 40

40 * 2 = 80

i = 80
User Little Ball
by
8.3k points
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