Question

What is the simple interest on a loan of $16 500 for 2 years at 8 per year ?

Answer 1

$2 640

Explanation:

Principal = $16 500; Time = 2 years Rate = 8%

Simple Interest = P × R × T/100

= $16 500 × 8 × 2/100

=$264 000/100

Simple Interest = $2 640