Question

What is the total amount of interest using simple interest given the following: Principal: $20,000 Interest rate: 12% Time: 10 Months

Answer 1

Amount = $22000

Explanation:

Amount = Principal + Interest

Get the interest

Interest = PRT/100

Interest = 20,000*12*10/12*100

Interest = 200 * 10

Interest = $2000

Amount = $20,000 + $2000

Amount = $22000