The interest on a principal of $14,000 at a rate of 8.5% for one year is $1,190.
To calculate the interest, we can use the formula: Interest = Principal × rate × time.
Given that the principal (P) is $14,000 and the rate (r) is 8.5%, we can substitute these values into the formula.
First, convert the rate to decimal form by dividing it by 100.
So, the rate becomes 0.085. Next, substitute the values into the formula:
Interest = $14,000 × 0.085 × 1
Simplifying the expression, we get:
Interest = $1,190
Therefore, the interest on a principal of $14,000 at a rate of 8.5% for one year is $1,190.