Answer
$1250.80
Work Step by Step
We can calculate simple interest on a loan by using the formula $I=prt$ (where I is the interest, p is the principal, r is the rate of interest, and t is the amount of time - expressed in years).
$I=prt$
$I=1180\times.03\times2=70.80$ dollars
Finally, we can find the amount due by adding the interest to the original principal.
$1180+70.80=1250.80$ dollars