A loan of $2000 is taken for 3 years at a simple interest rate of 7%. What is th
Practice Questions
Q1
A loan of $2000 is taken for 3 years at a simple interest rate of 7%. What is the total interest paid?
$280
$300
$350
$420
Questions & Step-by-Step Solutions
A loan of $2000 is taken for 3 years at a simple interest rate of 7%. What is the total interest paid?
Simple Interest Calculation – Understanding how to calculate simple interest using the formula SI = (P * r * t) / 100, where P is the principal amount, r is the rate of interest, and t is the time in years.
