Please need help quick with a correct answer please
1 answer:
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Answer:
<em>$225</em>
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Step-by-step explanation:
Given that:
Principal = $6,000
Interest rate = 5%
Time = 1 year
Taxes paid = 25% on the interest earned
To find:
Money earned after paying taxes ?
Solution:
First of all, let us calculate the total interest earned:
Formula for Simple Interest is given as:
Where P is the principal
R is the rate of interest
T is the time taken
Putting the given values:
Now, it is given that 25% of the interest earned is given as taxes.
Taxes paid = 25% of $300
Therefore, the money earned = Interest earned - Taxes paid
The money earned = $300 - $75 = <em>$225</em>