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You borrow $200. The simple interest rate is 12%. You pay off the loan after 2 years. How much doe you pay for the lone

Sagot :

Cordero1775idn

Answer:

224

Step-by-step explanation:

200*0.12=24

200+24=224

The amount to be paid for the loan is $248.

What is simple interest?

'Simple interest is the interest amount for a particular principal amount of money at some rate of interest.

According to the given problem,

Principal amount (P) = $200

Rate of interest (r) = 12%

Time period (t) = 2 years

We know,

Final amount to be paid with interest (A) = P( 1 + rt )  

                                                                   = 200{ 1 + ( 0.12 × 2 )

                                                                   = 200( 1 + 0.24 )

                                                                   = 200 × 1.24

                                                                   = $248

Hence, we can conclude, we have to pay $248 for the loan.

Learn more about simple interest here: https://brainly.com/question/22621039

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