Question

What is the simple interest on $360 borrowed for 30 months at 12.3%?

PLEASE SHOW HOW YOU SOLVEDIT!!! :D

Answer 1

$110.70 is the answer good luck!

Answer 2

$110.70

Explanation:

I=PRT

P (principal)=360

R(rate)=12.3%

T(time)=30 months (2 and half years)

I=360*12.3%*2.5

=$110.70

Just to note 12.3% is also 0.123 we sometimes change it into a decimal.