Interest = principle * rate * time
I = 1,200 * 0.07 * 6
I = ?
Note that this is simple interest.
a person invested 1,200.00 at 7% interest for 6 years. how much interest did he receive?
2 answers
at compound interest it would be
1200(1.07)^6 = .....
1200(1.07)^6 = .....