Question

How much Interest(in dollars) is earned by Investing $2200 at a simple interest rate of 8% for 12 years? Write the correct answer.

Answer 1

A = $4,312.00

I = A - P = $2,112.00

hey!

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:

A = 2200(1 + (0.08 × 12)) = 4312

A = $4,312.00

The total amount accrued, principal plus interest, from simple interest on a principal of $2,200.00 at a rate of 8% per year for 12 years is $4,312.00.

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