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

Simple interest =P*R*T
=8600*0.05*12
=5160

Hope this helps!

Answer 2

5% of $8600 is $430
He makes $430 per years
over the 12 years he makes $5160 in simple interest