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Simple Interest Principle=360, Rate=7%, Time=8 years. Calculate the Interest

Simple Interest Principle=360, Rate=7%, Time=8 years. Calculate the Interest
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5 votes
Simple Interest
Principle=360, Rate=7%, Time=8 years. Calculate the Interest

User Adam Genshaft
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2 Answers

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The formula for simple interest is Interest= Principle·Rate·Time When we plug it in it is Interest= 360·0.07·8 (7% becomes 0.07 when changed to decimal) Multiply and intrest equals $201.60. I hope that this helped you! :)
User Medoix
by
8.3k points
0 votes
I = Prt
I = (360)(0.07)(8)
I = 201.60
$360 + $201.60
$561.60
User Tyshon
by
8.3k points
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