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  • 09-03-2020
  • Mathematics
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Find the simple interest on a 340% loan at a 7% annual interest rate for 3 years

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tolaosunrinde
tolaosunrinde tolaosunrinde
  • 09-03-2020

Answer: $71.4

Step-by-step explanation:

Formular for Simple interest (I)

= Principal x Rate x Time

From the question, Given that p = 340

Rate = 7% = 7/ 100

Time = 3 years

Slot the values into the formula, then multiply to find Interest.

I = 340 × 0.07 x 3

=$71.4

I hope this is clear

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