Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back in 2 years?

Simple Interest equation is I=p×r×t
P= is the principal amount (1200)
R= is the interest rate per year (8% or 0.08)
T= time in years (2)

I= 1200 × 0.08 × 2= 192.00

Interest is 192.00

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ayfat23 ayfat23 · Answer 2 · 2021-10-12T12:24:54+02:00

The interest per year on the amount of money that Emillio borrowed from the bank at the rate of 8% interest is $192

Interest can be regarded as the charges that is added to the principal, usually some percentage of the principal.

Principal is the amount of money that is been lent out.

Rate can be regarded as the percentage increase of the principal.

Time (t) can be regarded as the period that is needed to pay the money that was lent out back.

were were given rate (r) as[tex]8% = 0.08[/tex]%

with[tex]interest (I)[/tex]as ?

[tex]principal (P)= $1200[/tex]

From the the formula for expressing

[tex]simple interest [ I= prt][/tex]

[tex]P= principal \\ I= interest\\ r= rate[/tex]

Then substitute into the formula

[tex]I= (1200 * 0.08 * 2)[/tex]

[tex]= 192.00[/tex]

Therefore, the interest on the money is $192

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