Question

You borrow $450 to pay for a laptop. The interest rate is 2.8%. After 18 months, how much interest do you owe?

Answer 1

226.8%

Explanation:

The principal is $450

Interest is 2.8%

Time is 18 months

Therefore the interest can be calculated as follows

= 450×2.8×18/100

= 22,680/100

= 226.8 %

Hence the interest is 226.8%