Question 55340
interest=principal*rate*time(years)

1585.3-P=P*.02*12 NOTE QUARTERLY NEANS THERE ARE 4*3 INTEREST PERIOD.
1585.3-P=.24P
P+.24P=1585.3
1.24P=1585.3
P=1585.3/1.24
P=1278.47
THEREFORE THE INTEREST WAS 1585.3-1278.47=306.83
PROOF
306.83=1278.47*.02*12
306.83=306.83