Question

$800 at 4.25% simple interest for 6 years

Answer 1

A = $992.00

(I = A - P = $192.00)

Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.

Solving our equation:
A = 800(1 + (0.04 × 6)) = 992 
A = $992.00

The total amount accrued, principal plus interest, from simple interest on a principal of $800.00 at a rate of 4% per year for 6 years is $992.00.