Find the simple interest on a 340% loan at a 7% annual interest rate for 3 years

Answer: $71.4

Step-by-step explanation:

Formular for Simple interest (I)

= Principal x Rate x Time

From the question, Given that p = 340

Rate = 7% = 7 / 100

Time = 3 years

Slot the values into the formula, then multiply to find Interest.

I = 340 * 0.07 x 3

=$71.4

I hope this is clear