Question

Find the interest due on $1,090 at 8% for 5 years. 43.60 68.13 436.00 681.25

Answer 1

I=prt
I=1,090×0.08×5
I=436

Answer 2

The interest due is $436

Explanation:

Using the simple interest formula

i =
`(PRT)/(100)`

Where

i = simple interest

P = Principal or amount invested

R = Interest rate. This is the rate at which the principal or amount invested yield interest per time and is usually stated as a percentage

T = Time in years

From the question,

P = $1,090 R = 8% T = 5 years

i = ?

substituting the values given into the formula,

i =
`(1090 * 8 * 5 )/(100)\\\\ = (43600)/(100) \\\\= 436`

i = $436