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erma4kov [3.2K]
4 years ago
12

Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back in 2 years?

Mathematics
1 answer:
Allisa [31]4 years ago
7 0
Simple Interest equation is I=p×r<span>×t</span>
P= is the principal amount (1200)
R= is the interest rate per year (8% or 0.08)
T= time in years (2)

I= 1200 × 0.08 × 2= 192.00

Interest is 192.00
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