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Calculate the amount of interest on a $1,400 deposit at 4% interest for 5
years using the Simple Interest formula.
O $350
O $70
O $280
O $56

Sagot :

AadhPrit

Answer:

$280

Step-by-step explanation:

As per given question we have provided that :

  • [tex]\purple\star[/tex] Principal = 1400
  • [tex]\purple\star[/tex] Rate = 4%
  • [tex]\purple\star[/tex] Time = 5 years

Here's the required formula to find the Simple Interest :

[tex]{\longrightarrow{\pmb{\sf{S.I= \dfrac{PRT}{100}}}}}[/tex]

  • [tex]\purple\star[/tex] S.I = Simple Interest
  • [tex]\purple\star[/tex] P = Principal
  • [tex]\purple\star[/tex] R = Rate
  • [tex]\purple\star[/tex] T = Time

Substituting all the given values in the formula to find the Simple Interest :

[tex]\begin{gathered}\qquad{\implies{\sf{S.I= \dfrac{PRT}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{P \times R \times T}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{1400 \times 4\times 5}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{5600 \times 5}{100}}}}\\\\ \qquad{\implies{\sf{S.I= \dfrac{56 \: \cancel{00}\times 5}{1 \: \cancel{00}}}}}\\\\\qquad{\implies{\sf{S.I= 56 \times 5}}} \\\\\qquad{\implies{\sf{S.I= \$280}}}\\\\\qquad\star\underline{\boxed{\sf{\pink{S.I= \$280}}}}\end{gathered}[/tex]

Hence, the simple interest is $280.

[tex]\rule{300}{2.5}[/tex]

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