181,345 views
18 votes
18 votes
How much simple interest can be earned in one year on $800 at 6%

User Mourad Zouabi
by
2.7k points

1 Answer

13 votes
13 votes

The simple interest is defined as


I=P\cdot r\cdot t

Where P is the principal, r is the interest rate and t is times in years. Replacing all given information, and using 0.06 as 6%, we have


I=800\cdot0.06\cdot1=48

Therefore, the simple interest is $48.

User MhmdRizk
by
2.7k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.