SOLUTION: Solving Simple Interest Problems P=$1180, R=6%, and T= 2 years what is the interest rate and what is the total of deposit and interest earned

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Question 255584: Solving Simple Interest Problems
P=$1180, R=6%, and T= 2 years
what is the interest rate and what is the total of deposit and interest earned
Answer by palanisamy(496) About Me  (Show Source):
You can put this solution on YOUR website!
Given, P=$1180, R=6%, and T= 2 years
Simple interest I = P*R*T
I = 1180*(6/100)*2
I = $ 141.60
Total Amount = 1180+141.60 = $ 1221.60