Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?
+36916 The INTEREST on that amount for 7 years would just be $ 875 * t * rate where rate is in decimal form (.04)
$ 875 * 7 * .04 = $ ..........
+128475 Simple interest formula for total amount earned :
Total amount = Principal ( 1 + rate * time)
So
Total amount = 875 ( 1 + .04 * 7) = 875 ( 1 + .28) = 875 *1.28) = $1120
+36916 The INTEREST on that amount for 7 years would just be $ 875 * t * rate where rate is in decimal form (.04)
$ 875 * 7 * .04 = $ ..........
