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6 November, 13:18

How much interest will roxanne have to pay if she borrows $3,000 for 3 years at a simple interest rate of 2%

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  1. 6 November, 13:24
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    Simpe interest rate = PRT/100

    - (principal x rate x time) / 100

    $3,000 is the principal

    3 years is the time

    2% is the rate

    so, PRT/100

    (3,000 x 3 x 2) / 100

    = $180

    Answer : $180
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