Find the interest on a Principal Balance of $10,000 over the course of eight years with an interest rate of 5.5%. Do this for: Simple Interest.

Simple Interest : $ 4400

Step-by-step explanation:

We want to calculate the interest on $ 10,000, at 5.5% interest rate per year, over a course of 8 years.

We can use the simple interest formula here, or :

I = P × r × t,

Where P is the principle amount, $ 10,000, r is the interest rate, 5.5% each year, or in decimal form 5.5 / 100 = 0.055. t is the time, 8 years.

Simple Interest : 10000 × 0.055 × 8 =  $4400.00

Then again the interest can be added to the principal amount ( $10,000 ) to receive some new amount after 8 years, which is $ 14,000. However the simple interest earned in 8 years at a rate of 5.5% should be $4400.

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