Riritay1220idn
Answered

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How much should you invest at 2.6% simple interest in order to earn $75 interest in 8 months?

Sagot :

Answer: Total interest will $1800 after 5 years.

Step-by-step explanation: It is given that the principle amount is $6000.

Rate of interest rate is 6% per annum.

Total interest is $1800.

Formula for simple interest is

Where, P is principle, r is rate of interest in percent and t is time in years.

Substitute P=6000, r=6 and I=1800 in the above formula.

Divide both sides by 360.

Therefore the total interest will $1800 after 5 years.

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