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How much simple interest can be earned in one year on $800 at 6%

User Adanna
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The simple interest is defined as


I=P\cdot r\cdot t

Where P is the principal, r is the interest rate and t is times in years. Replacing all given information, and using 0.06 as 6%, we have


I=800\cdot0.06\cdot1=48

Therefore, the simple interest is $48.

User Fpbhb
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