Answer:
$992.00
Step-by-step explanation:
Where:
I = P x r x t
P is the principal amount, $800.00.
r is the interest rate, 6% per year, or in decimal form, 6/100=0.06.
t is the time involved, 4....year(s) time periods.
So, t is 4....year time periods.
To find the simple interest, we multiply 800 × 0.06 × 4 to get that:
The interest is: $192.00
Usually, now, the interest is added onto the principal to figure some new amount after 4 year(s),
or 800.00 + 192.00 = 992.00. For example:
If you borrowed the $800.00, you would now owe $992.00
If you loaned someone $800.00, you would now be due $992.00
If owned something, like a $800.00 bond, it would be worth $992.00 now.
