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OpenStudy (pphalke):
Find the simple interest on $12,000 for 2 years at a rate of 6% per year
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jabez177 (jabez177):
SI = Prt Principal x Rate x Time
OpenStudy (perfecta):
How much time ? @pphalke
OpenStudy (pphalke):
isn't it 1,440?
OpenStudy (perfecta):
Find an interest by using the formula I=Pit, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years. In this example P = $12000, i = 6% and t = 2 years, so III=Pit=12000 0.06 2=1440 Find an amount by using the formula A=P+I. Since P = $12000 and I = $1440 we have A = 13440
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