Question

Find the simple interest earned by each account. $800 principal at 4% interest for 5 years

Answer 1

The simple interest is $160

Explanation:

SSimple Interest SI = PRT/100

where p=principal, r=rate and t=time

p = $800, r = 4% and t = 5 years

SI = (800*4*5)/100

SI = 8*4*5

SI = $160

Answer 2

$160

Explanation:

Simple interest=principal×time×rate/100

Principal=$800

Time=5years

Rate=4%

S.I=800×5×4/100

S.I=8×4×5

S.I=160

So the simple interest is $160