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23 votes
Find the simple interest charged for a loan of:
a $2000 for 3 months at 1.1% per month

User SouravA
by
5.7k points

1 Answer

9 votes

Answer:

$5.50

Explanation:

I = Prt

  • P = $2,000
  • r = 1.1% = 0.011
  • t = 3 months = 0.25 years

Solving :

  • I = (2,000)(0.011)(0.25)
  • I = (500)(0.011)
  • I = $5.50
User Rachid Finge Jr
by
6.2k points
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