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Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to...
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