Question

tammy deposits $8,000 into an account that pays simple interest at a rate of 3% per year how much interest will she be paid in the first 4 years

Answer 1

`\begin{gathered} \text{Simple interest = }\frac{\text{PRT}}{100} \\ P=\text{ principal}=8000 \\ R=\text{rate}=2\text{ \%} \\ T=\text{Time}=4 \\ \text{simple interest = }(8000*3*4)/(100) \\ \text{simple interest=}(96000)/(100) \\ \text{simple interest=\$960} \end{gathered}`