Question

Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much simple interest did he earn?

Answer 1

5% of 8600 is 430 so he makes $430 every year
he makes $5,160 in 12 years

Answer 2

SI=P*R*T
=8600*0.05*12
=5160

hope this helps!!