ISEE Mathematics Achievement Question 89: Answer and Explanation
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Question: 89
5. If Mr. Green borrowed $2000 at 12% simple interest for two years, what would the total interest charge be
- A. $240
- B. $360
- C. $420
- D. $480
Correct Answer: D
Explanation:
The correct answer is (D). Each year, 12% is charged as interest. On $2000, 12% interest is $2000 × 0.12 = $240. For two years, the amount is $240 × 2 = $480.