Question

Conan borrows $3,000 at a yearly simple interest rate of 1.6% for 2 years find out how much he owes and interest and how much he needs to pay back

Answer 1

P=3000$

T=2 years

R=1.6% per annum

Now,

interest=(3000×2×1.6)/100=96$

Amount=P+interest=3096$

Hence,Conan needs to pay back 3096$ and the interest is 96$