SOLUTION: Find the simple interest on 500 borrowed for 3 years at 8% per annum. How do you do it?

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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):
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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?
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Interest = 500*0.08*3 = $120