Answer:
$51.
Step-by-step explanation:
Interest I = PRT/100 where P = amount of the loan , R = rate and T = the times in years.
I = 340 * 15 * 1 / 100
= 5100/100
= $51.
Answer:
$51
Step-by-step explanation:
You want to calculate the interest on $340 at 15% interest per year after 1 year(s).
The formula we'll use for this is the simple interest formula, or:
P= I × r × t
Where...
P equals the principal amount, which is $340.00.
r equals the interest rate, which in this case is 15% per year, or as a decimal, 15/100=0.15.
t equals time involved, which is 1 year.
To find the simple interest, we multiply 340 × 0.15 × 1 to get that the interest is $51.00
