Question

How much interest is earned on $583 at 8% for 6 years

Answer 1

SI = 279.84

Total amount after 6 years = 862.84

Explanation:

SI = PRT/100

SI = Simple Interest

P = Principal

R = Rate

T = Time

SI = 583 x 8 x 6/ 100

SI = 27984/100

SI = 279.84

Total amount after 6 years = 279.84 + 583 = 862.84