Question

Find the simple interest paid to the nearest cent for each principal, interest rate, and time. $570,2%, 4 years.

Answer 1

The answer is 45.6. You multiply the beginning amount to the interest rate to understand how much interest you get. Then multiply that by the amount of years the interest is gathered. 570 * .02 = 11.4 * 4 = $45.6 interest. Add this to 570 for the original amount of 615.6.