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19 June, 20:36

Angie takes a loan of $1000 that has a simple interest rate of 3% annually. What is the amount of interest accrued after 2 years?

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  1. 19 June, 22:49
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    Answer: $60

    Step-by-step explanation:

    Principal (P) = $1000

    Time (T) = 2years

    Rate (R) = 3%

    Interest (I) = ?

    Since, Simple Interest (I) = P x T x R / 100

    inputting the values

    I = (1000 x 2 x 3) / 100

    I = 6000 / 100

    I = $60
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