Question

marl borrowed $200 a 12% simple interest for one year. If he makes no payment that year, how much interest will he owe at the end of the year?

Answer 1

He will owe $24 interest at the end of the year.

Explanation:

Formula for finding Simple Interest:

S.I = PRINCIPAL × RATE × TIME/100

S.I = 200 × 12 × 1/100

S.I = $24

$24 is the Simple Interest.