Find the interest of a P 3 000 loan at 14% per year for 2 years.

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08-05-2015
Math

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Find the interest of a P 3 000 loan at 14% per year for 2 years.

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Mlcparra16idn Mlcparra16idn · Answer 1 · 2015-05-08T20:34:06+08:00

Mlcparra16idn Mlcparra16idn

08-05-2015

[tex]Interest=Principal*Rate*Time[/tex]

Our Principal is P3000, rate is 14% or 0.14 and time is 2 years. The interest is:
[tex]Interest=3000*0.14*2=840[/tex]

The interest is P840.

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