joycirego joycirego

02-04-2019
Mathematics

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Find the simple interest on $500 at six percent for one year

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MrsSeifried MrsSeifried

02-04-2019

Answer: $30

Step-by-step explanation: The formula for simple interest is principal x rate x time.

Putting your numbers into the formula, it will look like this:

I = 500 x .06 x 1

I = 30 x 1

I = 30

The interest on $500 for one year is $30.

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