Question

Find the simple interest for a $8,000 loan for 2 years at a rate of 4% (formula: l=prt)​

Answer 1

S.I= 640

Explanation:

I=prt

where p= $8,000

and r= 4%

and t= 2 years

$8,000×4%×2

8,000×4/100×2

80×4×2

=640

Therefore The S.I = 640.