Question

Find the simple interest on 500 at 6% for 1 year

Answer 1

Answer:

Interest = $30

Step-by-step explanation:

Formula:

I = prt or I = p · r · t

So:

I = p r t

I = ($500)(.06)(1) <--- Just multiply all of these numbers and you get the final answer of:

Interest = $30.00 or just $30