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Find the interest paid on a loan of​$2300for two yearsat a simple interest rate of10​%per year.

Question

Find the interest paid on a loan of

​$2300

for

 
two years

at a simple interest rate of

10​%

per year.

check_circleAnswer
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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Math

Algebra

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