β’ P is the principal amount, $3000.00.
β’ r is the interest rate, 6% per year, or in decimal form, 6/100=0.06.
β’ t is the time involved, 8 years time periods.
β’ So, t is 8 year time periods.
To find the simple interest, we multiply 3000 Γ 0.06 Γ 8 to get that:
The interest is: $1440.00
Answer:
1440
Step-by-step explanation:
to get the interest you have to multiply the principal and rate and time (P x R x T)
I = 3000 x 0.06 x 8 Β Β (remember 6% turns into a decimal 0.06)
I = 1140
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