Question

Find the simple interest on a $340 loan at a 15% annual interest rate for 1 year

Answer 1

Answer:

$51.

Step-by-step explanation:

Interest I = PRT/100   where P = amount of the loan , R = rate and T = the times in years.

I = 340 * 15 * 1 / 100

= 5100/100

= $51.

Answer 2

Answer:

$51

Step-by-step explanation:

You want to calculate the interest on $340 at 15% interest per year after 1 year(s).

The formula we'll use for this is the simple interest formula, or:

P= I × r × t

Where...

P equals the principal amount, which is $340.00.

r equals the interest rate, which in this case is 15% per year, or as a decimal, 15/100=0.15.

t equals time involved, which is 1 year.

To find the simple interest, we multiply 340 × 0.15 × 1 to get that the interest is $51.00