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?

asked Jan 12, 2023 18.4k views

1 vote

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?

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4 votes

The simple interest formula is

$I=P\cdot r\cdot t$

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

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