Find the simple interest on $600.00 saved for 2 years 8 months at 5% per annum.
Answers
Answered by
2
Answer: $80
Step-by-step explanation: I = Prt
P = 600
r = 5%
t = 2 yrs and 8 mos
= 8/3 yrs
I = 600(0.05)(8/3) I
= $80
Answered by
2
Answer:
Therefore, the simple interest on $600.00 is $10.
Step-by-step explanation:
Principal (P) = $600
Rate of interest (R) = 5%
Time = 2 years 8 months = 2 years + 8/12 years
= 8/3 years
We know, Simple interest ( S. I.)= PRT /100
Putting the values,
(600 × 5 × 8/3)/100
= (200 × 5)/100
= 1000/100 = 10
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