Answer:
$568.95
Step-by-step explanation:
Given parameters:
Value of loan = $18965
Interest rate = 3%
Time = 1year
Unknown:
Interest = ?
Solution:
The interest on a particular amount is given as:
I = [tex]\frac{PRT}{100}[/tex]
I is the interest
P is the principal
R is the rate
T is the time
I = [tex]\frac{18965 x 3 x 1}{100}[/tex] = $568.95
