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In the situation, simple interest is calculated yearly. How much interest was earned? Principal: 8,000; Time: 4 years; Interest rate: 12%; Interest?
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4 votes
In the situation, simple interest is calculated yearly. How much interest was earned?

Principal: 8,000; Time: 4 years; Interest rate: 12%; Interest?

User Rosabelle
by
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1 Answer

3 votes
I = PRT
P = 8000
R = 12% = 0.12 (u have to turn this into a decimal)
T = 4

I = (8000)(0.12)(4)
I = 3840 <==
User Arxoft
by
8.6k points
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