Question

What is the simple interest earned on $1000.00 that earns 6% interest for 10 years?

Answer 1

Answer: $600 interest

Explanation:

Formula

I=Prt

I=Interest amount

P=Principle

r=Interest rate

t=Time

Given

P= $1000.00

r= 6%

t= 10 years

Solve

I=Prt

I=(1000)(6%)(10)

I=$600

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