Question

Find the interest paid on a loan of

$2300

for

two years

at a simple interest rate of

10%

per year.

Step 1

Formula used:

Simple interest formula:

The formula for calculating the simple interest is *I* = *Prt*.

* *

Where,

*P* = principal amount

*I* = interest amount

*r*= rate of interest per year in decimal, *r* =(*R*/100).

*t *=time period involved in months or years.

Step 2

Given that *P* = $2300, *r*=10%, *t*= 2years.

Substitute the corresponding ...

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