JayBear16
JayBear16 JayBear16
  • 03-06-2019
  • Mathematics
contestada

How do you solve simple interest
$600 at 5% for 2 years
and
%1500 at 4% for 4 years

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 03-06-2019

Answer:

1. $60

2. $240

Step-by-step explanation:

Use the formula for simple interest. Put your numbers in the formula and do the arithmetic.

i = Prt . . . . where i is the interest amount, P is the principal, r is the rate, t is the time period

1. P = $600, r = 0.05, t = 2, so you have ...

i = $600·0.05·2 = $60

__

2. P = $1500, r = 0.04, t = 4, so you have ...

i = $1500·0.04·4 = $240

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