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6 September, 16:43

Maya deposits $8000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 2 years?

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  1. 6 September, 16:46
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    So just find 2% of 8000 and multiply by number of years since

    I=PRT

    R=rate

    T=time in yyears

    P=principle

    I=interest

    8000=principle

    rate=2%

    time in years=2

    2%=0.02

    so

    I=8000 times 0.02 times 2

    I=320

    answe ris $320
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