Question

Maya deposits $8000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 2 years?

Answer 1

So just find 2% of 8000 and multiply by number of years since

I=PRT
R=rate
T=time in yyears
P=principle
I=interest

8000=principle
rate=2%
time in years=2

2%=0.02
so
I=8000 times 0.02 times 2
I=320

answe ris $320