Question

Kareem deposits $8000 into an account that pays simple interest at a rate of 4% per year. How much Interest will he be paid in the first 4 years?Please finish in a timely manner under time! :)

Answer 1

Principal, P = $8000

Rate, R = 4%

Time, T = 4 years

Formula to find simple interest, I is given below as,

`I=(PRT)/(100)`

To find the Interest, I,

`I=(8000*4*4)/(100)=\text{ \$1280}`

Interest is $1280