To calculate simple interest, you can use the formula:

Interest = Principal x Rate x Time

In this case, the principal is $1,000, the rate is 5% (or 0.05 when expressed as a decimal), and the time is 2 years.

So, the interest would be calculated as follows:

Interest = $1,000 x 0.05 x 2 = $100

So, you would pay $100 in interest.

Question

To calculate simple interest, you can use the formula:

Interest = Principal x Rate x Time

In this case, the principal is $1,000, the rate is 5% (or 0.05 when expressed as a decimal), and the time is 2 years.

So, the interest would be calculated as follows:

Interest = $1,000 x 0.05 x 2 = $100

So, you would pay $100 in interest.

Knowee AI · Accepted Answer

To calculate simple interest, you can use the formula:

Interest = Principal x Rate x Time

In this case, the principal is $1,000, the rate is 5% (or 0.05 when expressed as a decimal), and the time is 2 years.

So, the interest would be calculated as follows:

Interest = $1,000 x 0.05 x 2 = $100

So, you would pay $100 in interest.

If you borrow $1,000 at an annual interest rate of 5% for 2 years using simple interest, how much interest will you pay?*$150$50$100$200