Question

At the end of a 5-year term, what is the balance of an $8,000 investment at a simple interest rate of 1. 8 percent?

Round to the nearest dollar.



$8,000



$8,720



$8,751



$9,382


PLEASE HELP ASAP!!!!!!!!!!!!!!! QUESTION 47 CONCUMER MATH

Answer 1

$8,720

Explanation:

SI = PRT where;

SI = simple interest

P = principal amount/starting amount

R = rate as a decimal/fraction

T = time in years

I = 8000 . 5 . 0.018

I = 720

8000 + 720 = 8720