Question

Juan borrowed $2000 for 1 year and

paid 15% interest. How much
interest did he pay in a year?

Answer 1

Explanation:

Interest = Principle * Rate * Time /100

Principle = $2000

Rate = 15 %

Time = 1 year

I = 2000 * 15 * 1/100

I = 300

Juan has to pay $300 in a year

Answer 2

Answer:At the rate of 15% the amount of interest on $2000

Explanation:

simple amount= Principle(1+rt)

where r= rate of inetrest

t= time

principal is initial amount

therefore, amount=2000(1+15*1)

Amount = $2,300.00

Interest = Amount - Principal = $300.00