Question

Angie takes a loan of $1000 that has a simple interest rate of 3% annually. What is the amount of interest accrued after 2 years?

Answer 1

Answer: $60

Explanation:

Principal (P) = $1000

Time (T) = 2years

Rate (R) = 3%

Interest (I) =?

Since, Simple Interest (I) = P x T x R /100

inputting the values

I = (1000 x 2 x 3) / 100

I = 6000 / 100

I = $60