What is the simple interest earned on $1000.00 that earns 6% interest for 10 years?
1 answer:
Answer: $600 interest
Step-by-step explanation:
Formula
I=Prt
I=Interest amount
P=Principle
r=Interest rate
t=Time
Given
P= $1000.00
r= 6%
t= 10 years
Solve
I=Prt
I=(1000)(6%)(10)
I=$600
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40%
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