Find the interest if $ 9,000 is invested at an annual simple interest rate of 8 % for 3 years. Use the formula I = P × R × T , where I is the interest earnings, P is the principal, R is the annual rate and T is the time, expressed in years.

Question

Find the interest if $ 9,000 is invested at an annual simple interest rate of 8 % for 3 years.  Use the formula I  =  P  × R  × T , where I  is the interest earnings, P  is the principal, R  is the annual rate and T  is the time, expressed in years.   
  (a)  $ 216,000 (b)  $ 4,216.00            (c)  $ 2,160  (d)  $ 21.60  (e)  $ 196.00

Ms. Sue · Answer

I = P × R × T I = 9,000 * 0.08 * 3 I = ?