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How much simple interest is made on an investment of $800 for 7 years at 6%
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Dec 19, 2023
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How much simple interest is made on an investment of $800 for 7 years at 6%
Mathematics
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Nari Kim Shin
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Answer:
$1,136
Explanation:
The simple interest equation is A = P(1 + rt)
P is the original amount invested (in this case, it is $800)
r is the interest rate (in this case, it is 0.06 or 6%)
t is the years (in this case, it is 7 years)
From here, we can just plug in the values into the equation to get 800(1 + 0.06 x 7) = $1136
Diullei
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Dec 23, 2023
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Diullei
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