N-4-9 I really need help with this
1 answer:
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Answer:
Total interest will $1800 after 5 years.
Step-by-step explanation:
It is given that the principle amount is $6000.
Rate of interest rate is 6% per annum.
Total interest is $1800.
Formula for simple interest is
Where, P is principle, r is rate of interest in percent and t is time in years.
Substitute P=6000, r=6 and I=1800 in the above formula.
Divide both sides by 360.
Therefore the total interest will $1800 after 5 years.