Find the simple interest earned on $2600 invested for 3 years at 12% per annum Question Find the simple interest earned on $2600 invested for 3 years at 12% per annum in progress 0 Math 1 week 2021-09-15T10:40:15+00:00 2021-09-15T10:40:15+00:00 2 Answers 0

## Answers ( )

Answer:$936

Step-by-step explanation:Simple interest is money you can earn by initially investing some money (a.k.a the principal). In return, a percentage (a.k.a the interest) of the initial money invested is added to the principal, this is what makes your initial investment grow.

The equation for simple interest is:

I = P x r x t

P = Principal, $2600

r = interest rate, 12%

t = time involved, 3 years

Fill in the values:

2600 × 0.12 × 3 = $936.00

The simple interest would be $936