Question

Calculate the simple interest on $600 left in account that pays 7% annual interest for 8 years.

Answer 1

Answer:

S = $336

Step-by-step explanation:

Given the following data;

Principal, P = $600

Rate, R = 7

Time, T = 8 years

To find the simple interest?

Mathematically, it is given by the formula;

Simple interest, S = (P*R*T)/100

Substituting into the equation, we have;

S = (600*7*8)/100

Simplifying the equation, we have;

S = 6*7*8

S = $336