Question

The interest charged on a principal of2650 at an interest rateof5.11%over 30months is

Answer 1

We have Interest formula as:

`I=P* R* T`

Where: P = 2650

R = 5.11% = 0.0511

T = 30

So:

`I=2650*0.0511*(30)/(12)=338.5`

Answer: $338.5