If the principal is $200 and the interest rate is 4 percent, what is the simple interest earned in one year? Simple interest = P
x r x t
2 answers:
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
Given:
Principal = 200
interest rate = 4% per annum
term = 1 year
Simple Interest = Principal * interest rate * term
S.I. = 200 * 4% * 1
S.I = 8
Simple interest earned is $8.
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