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BaLLatris [955]
2 years ago
14

Calculate the amount of interest on a $1,400 deposit at 4% interest for 5

Business
1 answer:
Aneli [31]2 years ago
5 0

Answer:

$280

Step-by-step explanation:

As per given question we have provided that :

  • \purple\star Principal = 1400
  • \purple\star Rate = 4%
  • \purple\star Time = 5 years

Here's the required formula to find the Simple Interest :

{\longrightarrow{\pmb{\sf{S.I= \dfrac{PRT}{100}}}}}

  • \purple\star S.I = Simple Interest
  • \purple\star P = Principal
  • \purple\star R = Rate
  • \purple\star T = Time

Substituting all the given values in the formula to find the Simple Interest :

\begin{gathered}\qquad{\implies{\sf{S.I= \dfrac{PRT}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{P \times R \times T}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{1400 \times 4\times 5}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{5600 \times 5}{100}}}}\\\\ \qquad{\implies{\sf{S.I= \dfrac{56 \:  \cancel{00}\times 5}{1 \: \cancel{00}}}}}\\\\\qquad{\implies{\sf{S.I= 56 \times 5}}} \\\\\qquad{\implies{\sf{S.I=  \$280}}}\\\\\qquad\star\underline{\boxed{\sf{\pink{S.I=  \$280}}}}\end{gathered}

Hence, the simple interest is $280.

\rule{300}{2.5}

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I. General Credit Policy Information

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 Credit evaluation & collection costs (10% of gross sales) $17.00

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