Interest on amount [tex]\$1500[/tex] with the interest rate [tex]4\%[/tex] for [tex]6[/tex] years is equal to [tex]\$360[/tex].
What is interest?
" Interest is defined as the total amount of money paid for the use of others money."
Formula used
Simple interest [tex]= \frac{P\times R\times T}{100}[/tex]
P = Principal
R = Rate of interest
T = Time
According to the question,
Amount deposited in the bank 'Principal' [tex]= \$1500[/tex]
Rate of interest [tex]= 4\%[/tex]
Time [tex]= 6[/tex] years
Substitute the value in the formula to get the interest,
Simple interest [tex]= \frac{1500\times 4\times 6}{100}[/tex]
[tex]= 15 \times 4\times 6\\\\= \$360[/tex]
Hence, interest on amount [tex]\$1500[/tex] with the interest rate [tex]4\%[/tex] for [tex]6[/tex] years is equal to [tex]\$360[/tex].
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