Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. how much interest will he receive?

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Question:

Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. how much interest will he receive?

Answers

To get the interest after 5 years, use the formula for simple interest which is I = Prt.Where the meaning of the variables are:I = interestP = principalr = interest ratet = timeSo in the problem,P = $4,000r = 0.06 or 6/100 or 6% (but is usually expressed in decimal form)t = 5 yearsPlug those in the formula.I = Prt= ($4,000) (0.06) (5 years)= (240) (5)= $1,200After 5 years, Alfred will get $1,200 if he invest the $4,000 at 6 percent.

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