You deposit $6215 into a bank account paying 7% simple interest per year. You left the money in for 4 years. How much interest do you get at the end of those 4 years?
Result
The interest is $1740.2.
Explanation
Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $6215, i = 7% and t = 4 years, so
III=P⋅i⋅t=6215⋅0.07⋅4=1740.2