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madreJ [45]
3 years ago
11

​enrique borrowed $3600 to put a down payment on a motorcycle. the loan had a simple interest rate of 8% for 2 years. use the fo

rmula i = prt to find the amount of interest he will pay on the loan. i = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years.
Business
1 answer:
Rudik [331]3 years ago
6 0

Answer:

The amount of interest is $576.

Step by step explanation :

Given : ​Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years.

To find : The amount of interest he will pay on the loan.

Solution : Using the formula,

I=P\times R\times T

Where, I= Interest , P=principal , R= rate, T=time in years

We have given that :

P=$3600

R=8%=0.08

T=2 years

Substitute value in the formula to find interest,

I=P\times R\times T

I=3600\times 0.08\times 2

I=576

Therefore, The amount of interest is $576.

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Explanation:

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Explanation:

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