3 years ago

A bank loans $2100 to a business at 7% for 3 months. How much simple interest will the bank earn?

1 answer:

7 0

Answer:

$36.75

Step-by-step explanation:

The amount of interest payable is given by ...

I = Prt = $2100·0.07·(3/12) . . . . . . . . t is in years

I = $36.75

The bank earned $36.75 on the loan.

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