Answer:
$1,392
Step-by-step explanation:
1,200(0.08)(2) = 192
1,200 + 192 = $1,392
Cory will pay [tex]\$192[/tex] as simple interest in 2 years.
Solution:
Given, the amount (P) Cory borrows is [tex]\$1200[/tex]
The rate of interest R = [tex]8\%[/tex]
Time to repay (T) = 2 years
[tex]\bold{Simple \ Interest = \frac{principle \ amount\times time\times rate \ of \ interest}{100}}[/tex]
On substituting the values in the formula we get,
[tex]\rightarrow \frac{(1200\times2\times8)}{100}[/tex]
[tex]\rightarrow \frac{19200}{100} = 192[/tex]
Therefore, the simple interest is [tex]\$192[/tex]
