Find the total amount of simple

interest on a loan if the principal is

$2,200 with a rate of 8% for 3 years.

What is to be repaid on the loan?

Simple interest = $528

Step-by-step explanation:

To calculate the simple interest, we are going to use the formula below;

S. I = P*R*T / 100

WHERE

P = Principal

R = Rate

T=Time given in years

and

S. I = Simple Interest

From the question,

Principal (p) is given to be equal to $2,200

Rate (R) is equal to 8

and

Time (T) is equal to 3

We can now proceed to substitute the values into the formula;

S. I = P*R*T / 100

= $2,200*8*3 / 100

=$52,800 / 100

=$528

Simple interest = $528