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aaron borrowed $200 from his cousin. he promised to repay the loan in 2 years at a simple annual interest rate of 5%. how much interest will aaron owe at the end of 2 years?
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9 votes
aaron borrowed $200 from his cousin. he promised to repay the loan in 2 years at a simple annual interest rate of 5%. how much interest will aaron owe at the end of 2 years?

User Scorix
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1 Answer

9 votes

The formula is
I=prt
I interest owed?
P loan 200
R interest rate 0.05
T time 2 years
I=200×0.05×2
I=20

So the answer is $20is c
Hope it :

Explanation:

User Allen
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