Question

Calculate the simple interest collected by the bank if $1,500 is loaned for 3 years at 8% per annum

Answer 1

Answer:

$360

Step-by-step explanation:

I=PTR      =1500X3X8  = 36,000= $360

  100            100              100

Answer 2

Answer:

$1500 divided by3=500

500+8=508