Question

Calculate the simple interest earned in 1 year on a deposit of $9,000, with the interest rate of 8%. Type in only the amount with a $ sign and round to the ones place.

Answer 1

Answer:

The interest is $720

Step-by-step explanation:

Simple Interest SI = (Principal × rate × time)/100

SI = PRT/100

p = $9000, R = 8%, and T = 1 year

SI = (9000 × 8 × 1)/100

SI = 90 × 8

SI = $720