1. What is the simple interest on $2500 invested at an interest rate of 6% for 2 years?

Question

1. What is the simple interest on $2500 invested at an interest rate of 6%
for 2 years?

in progress 0
Kiệt Gia 4 years 2021-08-24T17:02:32+00:00 2 Answers 4 views 0

Answers ( )

  1. Sapo1
    0
    2021-08-24T17:03:32+00:00
    Reply

    \bf \underline{Given :-}

    \sf• \: Principle (p) = \$ \: 5200

    \sf• \: Rate \: of \: interest (r) = 6 \: \% = \frac{6}{100}

    \sf• \: Time \: (t) = 2 \: years

    \\

    \bf \underline{To \: Find :-}

    \sf• \: The \: Simple \: Interest \: (I)

    \\

    \bf \underline{Solution :-}

    \sf We \: know \: that,

    \red {\bigstar\bf { \: I = prt}}

    ⟹I = 2500 \times \frac{6}{100} \times 2

    ⟹I = 300

    \\

    \bf \blue{Hence, \: the \: \: Simple \: \: Interest \: \: is \: \: \$ \: 300. }

  2. thuthao
    0
    2021-08-24T17:03:34+00:00
    Reply

    Answer:

    \boxed {\boxed {\sf \$300.00}}

    Step-by-step explanation:

    The formula for simple interest is:

    I=P*R*T

    where P is the principal amount of money, R is the interest rate as a decimal, T is the time.

    We know the principal amount is $2500, the interest rate is 6%, and the time is 2 years.

    We must convert the interest rate to a decimal.

    • Divide by 100 or move the decimal place two spots to the left.
    • 6/100=0.06      or       6.0 –> 0.6 –> 0.06

    Now we know all the values.

    P= 2500 \\R= 0.06 \\T= 2

    Substitute the values into the simple interest formula.

    I= (2500)(0.06)(2)

    Multiply.

    I=(2500)(0.12)\\I=300= \$ 300

    The simple interest is $300.00

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