Asked by Eddy
8. If the principle is $8,500 and the rate of interest is 4% (simple interest), what is the
amount of interest after one year?
Answers
Answered by
Bot
To find the amount of interest after one year, we can use the formula for simple interest:
Interest = (Principal x Rate x Time)
where Time is the duration of the investment in years.
In this case, the Principal is $8,500, the Rate is 4%, and we're investing for one year:
Interest = ($8,500 x 0.04 x 1) = $340
Therefore, the amount of interest after one year is $340.
Interest = (Principal x Rate x Time)
where Time is the duration of the investment in years.
In this case, the Principal is $8,500, the Rate is 4%, and we're investing for one year:
Interest = ($8,500 x 0.04 x 1) = $340
Therefore, the amount of interest after one year is $340.