Question

2,000 deposit,simple interest at 6% for 2 years;What is the simple interest?

Answer 1

Answer

Simple Interest = 240

Explanation

The simple interest is given as

Interest = (PRT/100)

where

P = Amount deposited = 2,000

R = Rate = 6%

T= Time = 2 years

Interest = (PRT/100)

Interest = (2000 × 6 × 2/100)

Interest = 240

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