Danyal took out a $1200 loan at a rate of 3% simple interest a year. What is the amount of interest accrued for one month?
$1200 is the amount that he took out. 3% annually would yield an interest amount of $36. Therefore, each month, he would be paying $3 a month.
$1200 is the amount that he took out.
3% annually would yield an interest amount of $36.
Therefore, each month, he would be paying $3 a month.
86 MCQ for effective preparation of the test of Arithmetic of Arithmetic section.
Read the MCQ statement: Danyal took out a $1200 loan at a rate of 3% simple interest a year. What is the amount of interest accrued for one month?, keenly and apply the method you have learn through the video lessons for Arithmetic to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 41-1419.