Question

What is the interest earned on $400 invested at the rate of 6% for one year?

Answer 1

P=principal (money invested or loaned)
R=rate
T=time
From here we plug in to the formula what we know.
I=? or x

P=400
R=6% or 0.06
T=one year
Equation is : I=PRT ----------> x=400(0.06)1
Once you have the equation, just solve for x.
x=24(1)
x=24
so the interest is $24.