Question

The simple interest rate is %6 and the time for the loan is 2 years. What would have been the total amount paid for the $3000 ski trip

Answer 1

Answer:
`\$3360`

Explanation:

Given

The rate of interest is
`6\%`

Time period is
`2\ \text{years}`

Principal amount
`P=\$3000`

Simple interest is given by

`S.I.=(P* R* T)/(100)\\\\\text{Insert value}\\\\\Rightarrow S.I.=(3000* 6* 2)/(100)\\\\\Rightarrow S.I.=\$360`

Total amount paid

`=3000+360\\=\$3360`