Question

Francesca obtains a loan of $18.965.00. The loan has a simple interest rate of 3%. How much interest will Francesca owe at the end of the first year?

Answer 1

Answer:

$568.95

Step-by-step explanation:

Given parameters:

Value of loan  = $18965

Interest rate  = 3%

Time  = 1year

Unknown:

Interest = ?

Solution:

The interest on a particular amount is given as:

        I  = $\frac{PRT}{100}$  

I is the interest

P is the principal

R is the rate

T is the time

       I  = $\frac{18965 x 3 x 1}{100}$   = $568.95