Question

Sara Blake's grandmother gave her $3000.00 to save for college. She put it in a savings account that earns 6% interest per year. The money was in the account for 8 years. How much simple interest did she earn?

Answer 1

1440

Explanation:

to get the interest you have to multiply the principal and rate and time (P x R x T)

I = 3000 x 0.06 x 8 (remember 6% turns into a decimal 0.06)

I = 1140

~batmans wife dun dun dun.....

Answer 2

• P is the principal amount, $3000.00.

• r is the interest rate, 6% per year, or in decimal form, 6/100=0.06.

• t is the time involved, 8 years time periods.

• So, t is 8 year time periods.

To find the simple interest, we multiply 3000 × 0.06 × 8 to get that:

The interest is: $1440.00