Calculate the amount of interest you’ll have at the end of the indicated period. You invest $7000 in an account that pays simple interest of 7% for 4 years
To calculate the amount of interest you'll have at the end of the indicated period, you can use the formula:
Interest = Principal * Rate * Time
Where:
Principal = $7000
Rate = 7% (convert to decimal by dividing by 100: 7/100 = 0.07)
Time = 4 years
Plugging in the values into the formula:
Interest = $7000 * 0.07 * 4
Interest = $1960
Therefore, you'll have $1960 in interest at the end of the indicated period.
To calculate the amount of interest you'll have at the end of the indicated period, we can use the formula for simple interest:
Interest = Principal × Rate × Time
Where:
Principal = $7000
Rate = 7% (0.07 as a decimal)
Time = 4 years
Plugging in the values into the formula, we can calculate the interest:
Interest = $7000 × 0.07 × 4
Interest = $1960
Therefore, you will have $1960 in interest at the end of the 4-year period.
To calculate the amount of interest you'll have at the end of the indicated period, you can use the formula for simple interest:
Interest = Principal × Rate × Time
In this case:
- Principal (P) = $7000
- Rate (R) = 7% = 0.07 (convert the percentage to a decimal)
- Time (T) = 4 years
Substituting these values into the formula:
Interest = $7000 × 0.07 × 4
Calculate the interest:
Interest = $7000 × 0.28
Interest = $1960
So, at the end of the 4-year period, you will have $1960 in interest.