What is the simple interest of $600 at8% for 2 years
To calculate the simple interest, we can use the formula:
Simple Interest = Principal × Rate × Time
In this case:
Principal (P) = $600
Rate (R) = 8% = 0.08
Time (T) = 2 years
Using the formula, we can substitute the given values and calculate the simple interest:
Simple Interest = $600 × 0.08 × 2
Simple Interest = $96
Therefore, the simple interest on $600 at 8% for 2 years is $96.