Find the simple interest earned to the nearest cent for each principal interest rate, and time
$500,4%, 2 years
I = PRT
I = 500 * 0.04 * 2
I = ?
l=40
300 5% 2years
Simple interest
Simple interest on 280 for 5years at 3% per annum
$300 at 8% for 4 years
To find the simple interest earned, we can use the formula:
Simple Interest = Principal * Interest Rate * Time
Given:
Principal = $500
Interest Rate = 4% = 0.04 (in decimal form)
Time = 2 years
Substitute the given values into the formula:
Simple Interest = $500 * 0.04 * 2
To calculate this, we will multiply the principal ($500) by the interest rate (0.04), and then multiply the result by the time (2 years).
Simple Interest = $500 * 0.04 * 2
= $40
Hence, the simple interest earned to the nearest cent for a principal of $500, an interest rate of 4%, and a time of 2 years is $40.