Given:
Principal = $600
Rate of simple interest = 3% per year
Time = 8 years
To find:
The simple interest.
Solution:
Formula for simple interest is:
[tex]I=\dfrac{P\times r\times t}{100}[/tex]
Where, P is principal, r is the rate of interest in percent and t is the number of years.
Substituting [tex]P=600,\ r=3,\ t=8[/tex] in the above formula, we get
[tex]I=\dfrac{600\times 3\times 8}{100}[/tex]
[tex]I=6\times 3\times 8[/tex]
[tex]I=144[/tex]
Therefore, the simple interest is $144.
