Answer:
$600 interest will be paid in the first 5 years
Step-by-step explanation:
Simple interest is calculated only on the principal or initial amount deposited. Jim deposits 6000 into an account that pays simple interest at a rate of 2% per year. The formula for simple interest is expressed as
I = PRT/100
Where
I represents interest after the given time.
R represents the interest loan on the principal.
T represent number of time in years.
P represents principal or initial amount deposited.
From the information given,
R = 2
P = 6000
T = 5
I = (6000 × 2 × 5)/100 = $600
How many do you want me to answer? I will answer in the comments :)
The answer to the question
You can express it as 24 / (8-2)
