Find the interest paid on a loan of
at a simple interest rate of
Simple interest formula:
The formula for calculating the simple interest is I = Prt.
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.
Given that P = $2300, r=10%, t= 2years.
Substitute the corresponding ...
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