Question

Find the interest due on $250 at 11% for 2 years

Answer 1

55$

((.11)250)*2

55+250=305

305 dollars after 2 years, 55 dollars interest after 2 years

Answer 2

Interest = principal amount * rate * time

P = $250

R = 11% = 0.11

t = 2

Multiply them together to get 55.00

So the interest rate is $55