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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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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?

User Createbang
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1 Answer

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

Hence, the amount of interest after 3 years is $1,440.

User David Santamaria
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