Question

$1,000 at 14% for 2 yearswhat is the simple interest?what is the total amount?

Answer 1

Answer:

Simple Interest = $280

Amount = $1,280

Explanation:

Simple Interest = PRT/100

P is the Principal = $1000

R is the Rate = 14%

T is the Time = 2 years

Simple Interest = 1000 * 14 * 2/100

Simple Interest = 10 * 28

Simple Interest = $280

Amount = Principal + Interest

Amount = $1000 + $280

Amount = $1,280

Hence the required amount is $1,280