Determine the interest on a $2,000 loan at 18% simple interest after 1 month

UtterlyConfused asked Jul 16, 2023

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UtterlyConfused asked Jul 16, 2023

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19 votes

The formula for the intrest is,

$I=(P\cdot r\cdot t)/(100)$

Here, P is principal moner, r is rate percent and t is time in years.

Determine the intrest on $2000.

$\begin{gathered} I=(2000\cdot18\cdot(1)/(12))/(100) \\ =(360)/(12) \\ =30 \end{gathered}$

So intrest is equal to $30.

Mcheah answered Jul 22, 2023

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