The formula for calculating simple interest is:
Simple Interest = Principal x Rate x Time
Where:
Principal = 300
Rate = 6% = 0.06
Time = 4 years
Plugging in the values, we get:
Simple Interest = 300 x 0.06 x 4
Simple Interest = 72
Therefore, you earned $72 in simple interest over the four-year period.
I deposited 300 in the bank for four years. If it earned simple interest at rate of 6per annum. How much interest did I get
1 answer