Question

Determine the interest on a $2,000 loan at 18% simple interest after 1 month

Answer 1

The formula for the intrest is,

`I=(P\cdot r\cdot t)/(100)`

Here, P is principal moner, r is rate percent and t is time in years.

Determine the intrest on $2000.

`\begin{gathered} I=(2000\cdot18\cdot(1)/(12))/(100) \\ =(360)/(12) \\ =30 \end{gathered}`

So intrest is equal to $30.