Question

A $500 loan for 2 years at an
interest rate of 15%

Answer 1

Interest rate formula

I = PRT

where,

I = simple interest

P= principle

R= annual interest

T= relevant time period

I= PRT

I=500×15/100×2

I=150

total amount formula,

A=P+PRT

where,

A=total amount

A=P+PRT

A=500+150

A=650

answer,

interest amount=$150

total amount = $650