Question

Find the simple interest on $500 at six percent for one year

Answer 1

Answer: $30

Step-by-step explanation: The formula for simple interest is principal x rate x time.

Putting your numbers into the formula, it will look like this:

I = 500 x .06 x 1

I = 30 x 1

I = 30

The interest on $500 for one year is $30.