If money is invested for a short period of time, simple interest is paid using the following formula.
I = Prt
P represents the money invested, or principal amount, r is the simple interest rate, and t represents the time, in years, the money is invested.
Given P = $3,000, r = 8%, and t = 6 years, how much interest is paid?
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Answer:
SI = PRT/100
= (3000*8*6)/100
= 1,440 dollars
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