Question

Find the simple interest on $6000 invested for 8 years at 4%

Answer 1

$1920.00

Explanation:

You want to calculate the interest on $6000 at 4% interest per year after 8

year(s).

The formula we'll use for this is the simple interest formula, or:

I= P * r * t

Where:

• P is the principal amount, $6000.00.

• r is the interest rate, 4% per year, or in decimal form, 4/100=0.04.

• t is the time involved, 8.…..year(s) time periods

So, t is 8...year time periods.

To find the simple interest, we multiply 6000 x 0.04 x 8 to get that:

The interest is: $1920.00