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03-11-2022
Mathematics

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how much simple interest can be earned in one year on $800 at 6%

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PessieQ780501 PessieQ780501

03-11-2022

The simple interest is defined as

[tex]I=P\cdot r\cdot t[/tex]

Where P is the principal, r is the interest rate and t is times in years. Replacing all given information, and using 0.06 as 6%, we have

[tex]I=800\cdot0.06\cdot1=48[/tex]

Therefore, the simple interest is $48.

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