Question

What is Simple Interest on $8,000.00 for a time of 4 years at 2% per annum?

Answer 1

Answer:

Simple interest = $640.00

Step-by-step explanation:

Simple interest = P  x  r  x  t ,

where P is the principal amount ($8,000.00), r is the interest rate (2%), and t is time (4 years).

Simple interest = 8000  x  (2/100)  x  4

                         = $640.00