MATH SOLVE

4 months ago

Q:
# Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back in 2 years?

Accepted Solution

A:

Simple Interest equation is I=p×r×t

P= is the principal amount (1200)

R= is the interest rate per year (8% or 0.08)

T= time in years (2)

I= 1200 × 0.08 × 2= 192.00

Interest is 192.00

P= is the principal amount (1200)

R= is the interest rate per year (8% or 0.08)

T= time in years (2)

I= 1200 × 0.08 × 2= 192.00

Interest is 192.00