Find the simple interest on a $340 loan at a 15% annual interest rate for 1 year

Question

Find the simple interest on a $340 loan at a 15% annual interest rate for 1
year

in progress 0
Mackenzie 2 weeks 2021-10-03T15:24:19+00:00 2 Answers 0

Answers ( )

    0
    2021-10-03T15:25:53+00:00

    Answer:

    $51.

    Step-by-step explanation:

    Interest I = PRT/100   where P = amount of the loan , R = rate and T = the times in years.

    I = 340 * 15 * 1 / 100

    = 5100/100

    = $51.

    0
    2021-10-03T15:26:05+00:00

    Answer:

    $51

    Step-by-step explanation:

    You want to calculate the interest on $340 at 15% interest per year after 1 year(s).

    The formula we’ll use for this is the simple interest formula, or:

    P= I × r × t

    Where…

    P equals the principal amount, which is $340.00.

    r equals the interest rate, which in this case is 15% per year, or as a decimal, 15/100=0.15.

    t equals time involved, which is 1 year.

    To find the simple interest, we multiply 340 × 0.15 × 1 to get that the interest is $51.00

Leave an answer

45:7+7-4:2-5:5*4+35:2 =? ( )