Answer:
$1920.00
Step-by-step explanation:
You want to calculate the interest on $6000 at 4% interest per year after 8
year(s).
The formula we'll use for this is the simple interest formula, or:
I= P * r * t
Where:
• P is the principal amount, $6000.00.
• r is the interest rate, 4% per year, or in decimal form, 4/100=0.04.
• t is the time involved, 8.…..year(s) time periods
So, t is 8...year time periods.
To find the simple interest, we multiply 6000 x 0.04 x 8 to get that:
The interest is: $1920.00
