## Related questions with answers

Question

Kim-Ly Vanh's bank granted her a single-payment loan of $2,580 for 90 days at 12% ordinary interest. What is the amount of interest? A.$127.44 B. $77.40 C.$87.54 D. $98.12

Solution

VerifiedStep 1

1 of 2$\$ 2,580 \times 12\% \times \dfrac{90}{360} = \$ 77.40$

The interest is the product of the principal and the interest rate and the time (expressed in years).

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