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HELP I = Prt is the formula for simple interest. The principal is $4,840, the interest rate is 6%, and the time is two years. What is the interest charge? A. $58.08 B. $580.80 C. $620.19 D. $5,808.00
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HELP

I = Prt is the formula for simple interest. The principal is $4,840, the interest rate is 6%, and the time is two years. What is the interest charge?
A. $58.08
B. $580.80
C. $620.19
D. $5,808.00

User De Wet Van As
by
6.1k points

1 Answer

2 votes
So I = Prt

I for interest charge
P for principal ($4,840)
r for rate (6%)
t for time (2 yrs)

So you would then plug the information into the equation.....

I = 4,840*.06*2
I = 580.80

So the answer to your question is $580.80 which is option B

Hope this helps! :)
User Ivan Bartsov
by
5.9k points
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