Find the simple interest on a $340 loan at a 12% annual interest rate for 5
years *
2 answers:
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
$340 (principle) *5 (time) *0.12 (rate) =204
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