Question

PLEASE HELP-

Haley has decided to invest money into a savings account with Prosper Savings and Loan. They have offered her a 7% simple interest rate. If she invests $1400 for 4 years, how much INTEREST will Haley earn?

Answer 1

She will earn $392 in interest over this 4-year period.

Explanation:

The formula for simple interest is i = p*r*t, where p is the principal, r is the interest rate as a decimal fraction, and t is the number of years.

Here i = $1400(0.07)(4) = $1400(0.28) = $392

She will earn $392 in interest over this 4-year period.