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What is the total amount of interest with 12,560 dollar stocks borrowed 2% simple interest for 4 years?

What is the total amount of interest with 12,560 dollar stocks borrowed 2% simple interest for 4 years?
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What is the total amount of interest with 12,560 dollar stocks borrowed 2% simple interest for 4 years?

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User Rahsean
by
8.3k points

1 Answer

5 votes
The formula is
I=prt
I interest earned?
P principle 12560
R interest rate 0.02
T time 4 years
I=12,560×0.02×4
I=1,004.8

Hope it helps!
answered
User Daniel Dickison
by
9.2k points
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