What simple interest is earned on 2,000 soles at 6% per year over 3 years?
Answer and explanation
Correct answer: C. 360 soles, from 2,000 x 0.06 x 3
- Step 1: Simple interest is principal x rate x time.
- Step 2: 2,000 x 0.06 x 3 = 360 soles.
Answer
360 soles.
Why not the others: 382 is the compound result (about 382.03), 120 is one year, and 720 doubles the rate.
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