Find the amount of simple interest earned after 2 years on $480 invested at a 7% annual interest rate?

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21-11-2016
Mathematics

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Find the amount of simple interest earned after 2 years on $480 invested at a 7% annual interest rate?

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HomertheGenius HomertheGenius · Answer 1 · 2016-11-22T12:53:25+01:00

HomertheGenius HomertheGenius

22-11-2016

Formula for the simple interest is:
I = P · r · t,
where: P = $480, r = 7% = 0.07, t = 2 years;
I = 480 · 0.07 · 2 = $67.20
Answer:
The amount of simple interest is $67.20

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