Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much simple interest did he earn?
2 answers:
5% of $8600 is $430
He makes $430 per years
over the 12 years he makes $5160 in simple interest
Simple interest =P*R*T
=8600*0.05*12
=5160
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