Question

- $20,600 at 8% interest for 2 years. What would the interest be?

Answer 1

Solution

$\begin{gathered} I=PRT \\ \\ P\text{ is the principal} \\ I\text{ is the Interest} \\ T\text{ is the time in years} \\ R\text{ is the rate} \end{gathered}$

Here,

P = $20,600

R = 8% = 0.08

T = 2

$\Rightarrow I=20600\times0.08\times2=\ 3296$

Therefore, the Interest would be $3296