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Can someone please give me the formula to solve this kind of problem? Compute the amount of interest earned in the following simple interest problem. A deposit of $1,600 at 6% f…

Can someone please give me the formula to solve this kind of problem? Compute the amount of interest earned in the following simple interest problem. A deposit of $1,600 at 6% f…
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Can someone please give me the formula to solve this kind of problem?

Compute the amount of interest earned in the following simple interest problem.

A deposit of $1,600 at 6% for 180 days: $ ____.

User CrazyYoshi
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1 Answer

6 votes
The amount of simple interest is $48.

The formula is I = PRT

So we enter:

I = 1600 x (0.06) x (0.5)
I = 48

I used 0.5 for the time, T, because 180 days is half a year.


User Mirta
by
8.6k points
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