Question

Find the unknown quantity.
Balance:$960
Interest:?
Rate:4%
Time:5 years.
I was only given the formula I=Prt and so far it's given me nothing but dead ends. Please Help?

Answer 1

Is this compound or simple interest ?

Answer 2

Simple

Answer 3

Simple annual interest

Answer 4

If you just need the interest, or just the profit,

\[960 \times 0.04 \times 5\]

Answer 5

So 192 is the interest?

Answer 6

yes, for all 5 years together.

Answer 7

Okay, thanks. I needed it explained in simple english, AKA AMERICAN!!!

Answer 8

There is no language like "American" , but I know what you mean.... you welcome !

Answer 9

Thanks! XD

Answer 10

:)