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How much simple interest would you earn for 5 years at 7 with a beginning principal of $8 000.00
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How much simple interest would you earn for 5 years at 7 with a beginning principal of $8 000.00

User Roey
by
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1 Answer

5 votes
I=PRT
r=rate in percent
t=time in years
p=principal

convert percent to decimal
assuming you means at 7%
percent means parst out of 100
7%=7/100=0.07

so ow we have
p=8000
r=0.07
t=5
i=8000 times 0.07 times 5
I=40000 0.07
I=2800

interest=$2800
User BofA
by
7.8k points
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