Question

Find the simple interest when: Principal = $720, Rate = 6%, Time = 7 years

Answer 1

SOLUTION:

Step 1:

In this question, we are given the following:

Find the simple interest when: Principal = $720, Rate = 6%, Time = 7 years

Step 2:

Recall that the simple interest =

$\begin{gathered} \text{Simple Interest =} \\ \frac{Principa\text{l x Rate x Time}}{100} \\ \text{where Principal = \ 720} \\ Rate\text{ = 6\%} \\ \text{Time = 7 years} \end{gathered}$$\text{Simple Interest =}\frac{720\text{ x 6 x 7}}{100}=\text{ }\frac{30240}{100}=\text{ \ 302.40}$

CONCLUSION:

The simple interest = $ 302. 40