Question

Find the simple interest for a loan of $2,000 with an interest rate of 11.5% for a period of 2 years​

Answer 1

Idk because it’s too confusing

Answer 2

The interest is $460.00

Explanation:

You want to calculate the interest on $2000 at 11.5% interest per year after 2 years.

the simple interest formula is:

Interest= Principal amount x interest rate x time

To find the simple interest you multiply 2000 x 0.115 x 2