Question

What is the simple

interest for a loan of $50
for 2 years at an interest
rate of 6 percent?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$50\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ t=years\dotfill &2 \end{cases} \\\\\\ I=(50)(0.06)(2)\implies I=6`