how much simple interest would you earn for 5 years at 7% with a beginning principal of $8,000.00
I = Po*r*t = 8000*0.07*5 =
DIPPERRRR
To calculate the simple interest, you can use the formula:
Simple Interest = Principal × Rate × Time
In this case, we have:
Principal = $8,000.00
Rate = 7% = 0.07 (converted to decimal)
Time = 5 years
Substituting these values into the formula, we get:
Simple Interest = $8,000.00 × 0.07 × 5
Next, we can simplify the calculation:
Simple Interest = $2,800.00
Therefore, the simple interest earned over 5 years at 7% with a starting principal of $8,000.00 would be $2,800.00.