Prealgebra (7th Edition)

Published by Pearson
ISBN 10: 0321955048
ISBN 13: 978-0-32195-504-3

Chapter 7 - Section 7.6 - Percent and Problem Solving: Interest - Exercise Set: 16

Answer

2800 dollars

Work Step by Step

I=PRT P= 2000 dollars R = 8% T = 5 years Write 8% as a decimal I=2000$\times$ $\times$ 0.08 $\times$ 5 Multiply I= 800 dollars The simple interest is 800 dollars. total amount = principal + interest total amount= 2000+800= 2800 dollars Total amount after 5 years will be 2800 dollars
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