Answer: The interest is: " $ 64 .00 " .
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Step-by-step explanation:
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Take note of the formula:
" Ⅰ = Prt " ;
→ that is:
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→ " Ⅰ = P * r * t " ;
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In which:
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" Ⅰ = the interest " ;
" P = the Principal amount of money " ;
" r = rate " (expressed as the "decimal form" of the percentage) ;
" t = time " (in years) ;
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We are given:
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P = $400 ;
r = 0.08 ;
{<u>Note of interest</u>: That is " 8% " ; since "8 % " = "(8/100)" ;
= "(8 ÷ 100)"
= " 0.08 ".}.
t = 2 ; {that would represent: " 2 (two) years".}.
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We are to solve for "Ⅰ" ; the amount of "Ⅰnterest" :
→ To solve for "Ⅰ " ; we plug in our given values; and calculate:
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→ Ⅰ = P * r * t ;
= 400 * 0.08 * 2 ;
= 64 .
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→ Ⅰ = $ 64.00 .
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Hope this is helpful to you!
Best wishes!
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