1. You get a student loan from the New Mexico Educational Assistance Foundation to pay for your educational expenses this year.
Find the interest on the loan if you borrowed ₱2 000 at 8% for 1 year.
1 answer:
Answer:
$160
Step-by-step explanation:
Step one:
given data
Principal = $2000
rate= 8%
time t= 1 year
Required
The Simple interest paid after 1 year
Step two:
Simple interest = PRT/100
Simple interest = 2000*8*1/100
Simple interest = 16000/100
Simple interest =$160
The simple interest paid after 1 year is $160
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