Question

You borrowed 43,800 at a SIMPLE interest rate of 4.8%. If you pay it back in 2 years, how much

Interest is paid pack?

Answer 1

I = $4204.8

Explanation:

Given that,

Principal, P = $43,800

Interest rate = 4.8%

Rate = 2 years

We need to find the interest that is paid back. We know that, simple interest is given by :

`I=(PRT)/(100)`

Put all the values,

`I=(43800* 4.8* 2)/(100)\\\\=\$4204.8`

So, the required interest is equal to $4204.8 .