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The formula of the Simple Interest is:
I=PRT
P for Principle Amount ($1200)
R for Rate (5%=
= 0.05)
T for Time in years (4 years)
I = 1200 × 0.05 × 4
= $240
Add the interest to the principle amount to check the balance
$1200 + $240 = $1440
I=PRT
P for Principle Amount ($1200)
R for Rate (5%=
T for Time in years (4 years)
I = 1200 × 0.05 × 4
= $240
Add the interest to the principle amount to check the balance
$1200 + $240 = $1440