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​

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1 week 2021-09-15T10:40:15+00:00 2 Answers 0

Answers ( )

    0
    2021-09-15T10:41:39+00:00

    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

    0
    2021-09-15T10:42:05+00:00

    The simple interest would be $936

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