Question

What is Simple Interest on $8,000.00 for a time of 4 years at 2% per annum?

Answer 1

Simple interest = $640.00

Explanation:

Simple interest = P x r x t ,

where P is the principal amount ($8,000.00), r is the interest rate (2%), and t is time (4 years).

Simple interest = 8000 x (2/100) x 4

= $640.00