Question

Rondell's parents barrow 6,300 from the bank for a new car the interest rate is 6%per year. How much simple interest will they pay if they take 2years to repay the loan

Answer 1

756

Explanation:

The simple interest can be found by using the formula

`I = (p * r * t)/(100) \\`

p is the principal

r is the rate

t is the time

From the question we have

`I = (6300 * 6 * 2)/(100) = (75600)/(100) \\`

We have the final answer as

756

Hope this helps you