Question

What is the interest earned on a principal deposit of $6,000 earning interest at a rate of 8% for 5 years?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$6000\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\dotfill &5 \end{cases} \\\\\\ I = (6000)(0.08)(5) \implies I = 2400`