Solution
[tex]\begin{gathered} I=PRT \\ \\ P\text{ is the principal} \\ I\text{ is the Interest} \\ T\text{ is the time in years} \\ R\text{ is the rate} \end{gathered}[/tex]Here,
P = $20,600
R = 8% = 0.08
T = 2
[tex]\Rightarrow I=20600\times0.08\times2=\$3296[/tex]Therefore, the Interest would be $3296
