What is the simple interest on a loan of $310 for 4 months at 12% per year ?
2 answers:
Answer:12.4
Step-by-step explanation:
Simple interest=(principal×rate×time)÷100
Simple interest=(310×12×4/12)÷100
Simple interest=1240÷100
Simple interest=12.4
$12.40 is the answer
We have 4 months and 12 percent so 4/12 is 1/3, then you divide 12% by 3 and you get 4% 4% is .04 and .04 and then .04 times 310 is 12.4 or 12.30
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