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MathematicsMathematics
23 July, 12:24

This is simple interest:

$640, 3%, 2 years

anyone knows how to explain?

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Answers (1)
  1. 23 July, 12:53
    0
    I=PRT

    Interest=I

    P=principal

    R=rate in decimal

    T=time in years

    given

    asuming 640 is the principal and not the interest

    P=640

    R=3%=0.03

    T=2

    I=640*0.03*2

    I=19.2*2

    I=38.4

    interst=$38.40
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