Question

If the principal is $4,500 and the rate of interest is 8%, what is the amount of interest after one year? Formula is I =PRT

Answer 1

Explanation:

I=?

P= $4500

R=8%=0.08

T=1 year

8%*0.01= 0.08

I=(4500)(0.08)(1)

(4500)(0.08)=360

360*1=360

The interest after one year is $360