Question

Matt invests £1800 for 2 years at a simple interest rate of 10%.

How much money will he get back in interest?

Answer 1

Answer:

Step-by-step explanation:

P = 1800

R = 10%

T = 2 years

I = PRT

= 1800 * 10/100 * 2

= 1800 * 0.1 * 2

I = £360

Answer 2

The amount that will be gotten back as interest will be £360

Principal =  £1800

Rate = 10%

Time = 2 years

Simple Interest will be calculated as:

= (P × R × T) / 100

= (£1800 × 10 × 2)/100

= £36000/100

= £360

Therefore, the interest is £360.

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