Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-Robert Hall opened a lawn service company. To pay for startup costs, he borrowed $\$ 71,000$ from a bank at $8 \%$ for 1 year. Find the interest.
A) $\$ 568.00$
B) $\$ 5680.00$
C) $\$ 76,680.00$
D) $\$ 6390.00$

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula $I = PRT$, where $I$ is the interest, $P$ is the principal amount (\$71,000), $R$ is the rate of interest per year (8% or 0.08), and $T$ is the time in years (1). So, $I = 71000 \times 0.08 \times 1 = \$5680.00$.

Solve the Problem $71,000\$ 71,000$71,000 From a Bank At 8%8 \%8% For 1 Year

Solve the Problem $\$ 71,000$ From a Bank At $8 \%$ For 1 Year