If you invest $1600 for a year at 6.8% per annum simple interest,how much interest will you earn?
A) $10.80
B) $108.00
C) $1088.00
D) $1708.80

Question

Quizplus · Accepted Answer

To find out the interest earned, we can use the formula:
Interest = (Principal x Rate x Time)/100
Here, Principal = $1600, Rate = 6.8%, and Time = 1 year
Substituting the values, we get:
Interest = (1600 x 6.8 x 1)/100 = $108.00
Hence, the correct answer is option B, $108.00.

If You Invest $1600 for a Year at 6