To find simple interest you multiply the principal (in dollars) the interest rate (as a decimal) and the time in years the equat
ion 24.00=400. 0.015.4 shows how to find the simple interest for a certain account after 4 years .
A.what is the interest rate as a percent
B.how much is the simple interest?
C.what is the principal?
1 answer:
Here we have $400 originally and it is invested at an interest rate of 0.015 for 4 years.
Therefore we can say that the interest rate is 0.015 * 4 * 100 = 6% for the 4 years.
Simple interest is 6% / 4 = 1.5%.
And the principal is $400.
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