Margo borrows $200, agreeing to pay it back with 8% annual interest after 7 months. How much interest will she pay?
1 answer:
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Answer:
600
Step-by-step explanation:
Harry invests £5000 for 3 years.
He gets a simple interest of 4% per year.
Work out the total interest Harry gets.
Solution
The formula for simple interest
S.I = P*R*T/100
Where P = Principal = £5000
R = Rate = 4%
T = Time = 3 years
£ 5000 * 4 * 3 /100
50 * 4 * 3
£ 600.
