SOLUTION: Find the simple interest on 500 borrowed for 3 years at 8% per annum.
How do you do it?
Algebra.Com
Question 1090993: Find the simple interest on 500 borrowed for 3 years at 8% per annum.
How do you do it?
Found 2 solutions by Theo, Alan3354:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
simple interest formula is i = p * r * n
i is the interest
p is the principal
r is the interest rate per time period
n is the number of time periods
your time period is in years.
r = .08 per year
n = 3 years.
p = 500
formula of i = p * r * n becomes i = 500 * .08 * 3 which results in i = 120.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Find the simple interest on 500 borrowed for 3 years at 8% per annum.
How do you do it?
============
Interest = 500*0.08*3 = $120
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