what is the interest on $800 at 6% for 4 years? 1) $192.00 2) $48.00 3) $19.20 4) $182.00

what is the interest on $800 at 6% for 4 years? 1) $192.00 2) $48.00 3) $19.20 4) $182.00

what is the interest on $800 at 6% for 4 years? 1) $192.00 2) $48.00 3) $19.20 4) $182.00

Answer

Answer:

$192.00

Explanation:

Step1: Identify the simple - interest formula

$I = Prt$, where $I$ is interest, $P$ is principal, $r$ is rate, and $t$ is time.

Step2: Convert the percentage to a decimal

$r=6% = 0.06$

Step3: Substitute values into the formula

$P = 800$, $r = 0.06$, $t = 4$. So $I=800\times0.06\times4$

Step4: Calculate the interest

$I = 800\times0.06\times4=192$