Question

Find the simple interest on each amount 1500 at 11% for two years

Answer 1

330.00

Explanation:

First, converting R percent to r a decimal

r = R/100 = 11%/100 = 0.11 per year,

then, solving our equation

I = 1500 × 0.11 × 2 = 330

I = $ 330.00

The simple interest accumulated

on a principal of $ 1,500.00

at a rate of 11% per year

for 2 years is $ 330.00.