Question

You borrowed 43,800 at a SIMPLE interest rate of 4.8%. If you pay it back in 2 years, how much

Answer 1

Answer:

I = $4204.8

Step-by-step explanation:

Given that,

Principal, P = $43,800

Interest rate = 4.8%

Rate = 2 years

We need to find the interest that is paid back. We know that, simple interest is given by :

$I=\dfrac{PRT}{100}$

Put all the values,

$I=\dfrac{43800\times 4.8\times 2}{100}\\\\=\ 4204.8$

So, the required interest is equal to $4204.8 .