Homework SourseThe total amount of simple interest on a 6000 note payable f
The total amount of simple interest on a $6,000 note payable for 3 years at 11% is
Solution
Simple interest :
Formula to calculate the simple interest = PTR /100
Where P stands for = Principal amount
T stands for = Time period
R stands for = Rate of interest
Therefore, for the given question
Total amount of simple interest = 6000*3*11/100
= $ 1,980.
