borunda Sports $8,000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 3 years?

Ping Woo asked May 18, 2023

156,106 views

16 votes

Ping Woo asked May 18, 2023

3.2k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

7 votes

The simple interest formula is

$I=P\cdot r\cdot t$

Where P = 8,000, r = 0.06, and t = 3.

$I=8,000\cdot0.06\cdot3=1,440$

Ravoorinandan answered May 22, 2023

2.9k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers