Find the simple interest earned on $2600 invested for 3 years at 12% per annum
2 answers:
Answer:
$936
Step-by-step explanation:
Simple interest is money you can earn by initially investing some money (a.k.a the principal). In return, a percentage (a.k.a the interest) of the initial money invested is added to the principal, this is what makes your initial investment grow.
The equation for simple interest is:
I = P x r x t
P = Principal, $2600
r = interest rate, 12%
t = time involved, 3 years
Fill in the values:
2600 × 0.12 × 3 = $936.00
The simple interest would be $936
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