Question

Find the simple interest on a $340 loan at a 12% annual interest rate for 5 years *

Answer 1

Answer: $204

Step-by-step explanation:

Formular for simple interest (I) is: Principal(P) x Rate (R) x Time (T)

From the question, P= $340

R= 12% = 12/100 = 0.12

T= 5 years

Therefore, simple interest (I) =

340 x 0.12 x 5

I = $204

I hope this is clear, please mark as brainliest

Answer 2

$340 (principle) *5 (time) *0.12 (rate) =204