Find the interest paid on a loan of 2300

Rate is the percent of the principal paid as interest per time period. Identify the rate.

R = 12%

Time is the number of days, months, or years that the money is borrowed or inversed.

Identify the time.

T = 2 years

Substitute values determined above for P,R, and T in the simple interest formula.

I = 2,300(0.12)(2)

= 552.