Question

Find the interest on a loan with Principal =
$1000, Rate = 6%, Time = 2 years

Answer 1

changing the currency $ to #

$1000 = #415,640.00

i=prt (formular)

given:

I =?

p = $1000 or #415,640.00

r = 6%

t = 2 years

i= 415,640.00×6×2÷100

i= #49876.8

without changing currency

i= 1000×6×2÷100

i=120