What is the interest if a sum of $5200 is invested for 36month at 15% per annum
2 answers:
Answer:
I = 2,340
Step-by-step explanation:
The formula for interest is
I = P × R × T / 100
P = $5200
R = 15%
T= 36 months; T is meant to be in years so we will convert it from months to years
1 year = 12 months
So 36 months
= 36 /12 = 3 years
I = (5200 × 15 × 3)/100
I = 234,000 / 100
I = 2,340
Answer:
$2,340
Step-by-step explanation:
36 months = 3 years
15/100 × 5200 = 780 per annum
3 years: 780×3 = $2,340
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