Question

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

Answer 1

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.

$\rule{300}{2.5}$