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3 May, 04:27

Find the simple interest on a 340% loan at a 7% annual interest rate for 3 years

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  1. 3 May, 07:26
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    Answer: $71.4

    Step-by-step explanation:

    Formular for Simple interest (I)

    = Principal x Rate x Time

    From the question, Given that p = 340

    Rate = 7% = 7 / 100

    Time = 3 years

    Slot the values into the formula, then multiply to find Interest.

    I = 340 * 0.07 x 3

    =$71.4

    I hope this is clear
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