Question

Find the simple interest.

Principal 200$
Rate of Interest12%
Time 2 years
The simple interest is $?

Answer 1

$48.00

Explanation:

The formula we'll use for this is the simple interest formula, or:

P= I × r × t

Where:

P equals principal amount, which is $200.00.

r equals interest rate, which in this case is 12% per year, or as a decimal, 12/100=0.12.

t equals time involved, which would be 2 years.

To find the simple interest, we multiply 200 × 0.12 × 2 to get that the interest is $48.00

Answer 2

The answer is $248.

Explanation:

You have to multiply 200*.12*2 which gives you 48, but you're asking for the total amount so you add 200 + 48 and you get $248.