If the area of a park is exactly halfway between 2.4 and 2.5 acres, what is the area of the park

The interest paid by student is $ 161.7

Solution:

From given question,

Simple interest rate = 5.39 %

Principal amount of loan taken by a student = $1500

Number of years = 2

Interest = ?

The simple interest is given by formula:

Where,

"p" is the principal

"r" is the rate of interest

"n" is the number of years

Substituting the given values in formula,

Thus the interest paid by student is $ 161.7