Question

The formula for finding the interest on a loan is I = prt. Jack borrows $2,000 for 2 years at a rate of 2%. How much interest will he owe?

Answer 1

$i = p \times r \times t$
$i = 2000 \times .02 \times 2$
$2000 \times .02 = 40$
$40 \times 2 = 80$
$i = 80$

Answer 2

Interest= Multiply (price)(rate)(time)
($2,000)(0.02)(2)
Hope this helps!! :)