Question

How do you fnd the total amount of an interest paid? The question is "Find the total amount of interest paid one a principal of $2600 at a rate of 12% calculated per annum over 3 years." and I'm not sure how to figure it out

Answer 1

936

Explanation:

Because 12%of 2600= 312

or 0.12×2600=312 for the first year

so multiply by 3 to get interest for 3 years

312 × 3 =936