Question

Using the formula for simple interest and the given values, find I. P= $300; r = 8%; t= 6 years; I = ? 1=$0 TrueCar Enter your answer in the answer box. Prerequisite Skills Test for Finite Mathematics noncer of the heart bypass. Learn more Customize Getting Ready for Finite Mathematics Test A

Answer 1

Answer: $144

Explanation:

The formula to calculate the simple interest is given by :-

`\text{S.I.}=Prt`

Here, P - Principal amount, r - rate of interest and t is time (Generally in years).

Given : P= $300; r = 8%=0.08 ; t= 6 years

Now, the using the above simple interest formula , we have

`\text{I}=300*0.08*6\\\\\Rightarrow\ \text{I}=\$\ 144`

Therefore , the simple interest = $ 144.