6.1 simple and compound interest (due tuesday, se\nscore: 1/20 answered: 3/11\nquestion 2\nfind the simple…

6.1 simple and compound interest (due tuesday, se\nscore: 1/20 answered: 3/11\nquestion 2\nfind the simple interest owed if $220 is borrowed at 2% for 6 years.\n$ \nenter an integer or decimal number more...\nquestion help: video\nsubmit question

6.1 simple and compound interest (due tuesday, se\nscore: 1/20 answered: 3/11\nquestion 2\nfind the simple interest owed if $220 is borrowed at 2% for 6 years.\n$ \nenter an integer or decimal number more...\nquestion help: video\nsubmit question

Answer

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal form

Given $r = 2%=0.02$, $P=$220$, and $t = 6$ years.

Step3: Substitute the values into the formula

$I=Prt=220\times0.02\times6$.

Step4: Calculate the interest

$I = 220\times0.02\times6=26.4$.

Answer:

$26.4$