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Popular Word Problems >

What is the total interest to be paid on a 2 year \text{:3000} loan at 16% p.a. flat interest?

Solution

Wha t i s t h e t o t a l in t eres t t o b e p ai d o n a 2 ye a r :3000 l o an a t 16% p . a . f l a t in t eres t ?

Solution

Interest : 960

Solution steps

Translate the problem into an equation:

I = 3000 \cdot 0.16 \cdot 2

Simplify

I = 3000 \cdot 0.16 \cdot 2

Interest : 960

Popular Examples

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