Question

What is the simple interest that is missing from the table? Use the formula $5,630 r 4% t 2 years

Answer 1

To find the simple interest the formula is
I=prt
I ?
P principle 5630
R interest rate 0.04
T time 2 years
So
I=5,630×0.04×2=450.4

Answer 2

Simple interest is, $ 450.4

Explanation:

Simple interest defined as it is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments i.e,

`I = (P * R * T)/(100)` where

I represents the simple interest

P represents the principal

R represents the rate

T represents the time in year.

Given: P = $5, 630 , R = 4% and T = 2 years.

Using simple interest formula to calculate Interest;

`I = (5630 * 4 * 2)/(100) =(5630 * 8)/(100)`

Simplify:

`I = \$450.40`

Therefore, Simple interest is, $450.4