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Popular Word Problems >

Find the interest paid on a 2-year loan of 1000 at 12% simple interest.

Solution

F in d t h e in t eres t p ai d o n a 2 - ye a r l o an o f 1000 a t 12% s im pl e in t eres t .

Solution

Interest : 240

Solution steps

Translate the problem into an equation:

I = 1000 \cdot 0.12 \cdot 2

Simplify

I = 1000 \cdot 0.12 \cdot 2

Interest : 240

Popular Examples

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