Question

2000 2yrs at 2% How much interest is owed

Answer 1

P= 2000

T= 2

R=2÷100

I = PTR

= 2000×2×2÷100

2÷100=0.02

2000×2×0.02= 80

So i is 80

Answer 2

Rs. 80 is owed.

Explanation:

Principle (P) = 2000

Time (T) = 2 years

Rate (R) = 2%

Interest (I) = ?

Here,

I = (P×T×R) / 100

= (2000×2×2) / 100

= (8000) / 100

= Rs. 80