Respuesta :
The simple interest earned on $600 put in the bank with 7% rate for 2 years is $84.
What is simple interest?
Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
[tex]I=\dfrac{Prt}{100}[/tex]
Here, I is the interest amount on the principal amount of P with the rate of r in the time period of t.
Given information-
The principal amount put in the bank is $600.
The rate of simple interest is 7 percent.
The number of years is 2.
Put the value in the above formula as,
[tex]I=\dfrac{600\times7\times2}{100}\\[/tex]
Solve it further as,
[tex]I=84[/tex]
Thus, the simple interest earned on $600 put in the bank with 7% rate for 2 years is $84.
Learn more about the simple interest here;
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