Questions: What is the simple interest paid on 1800 at 5% for 4 years? Round your answer to the nearest cent.

What is the simple interest paid on 1800 at 5% for 4 years? Round your answer to the nearest cent.
Transcript text: What is the simple interest paid on $1800 at 5% for 4 years? Round your answer to the nearest cent.
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Solution

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Solution Steps

Step 1: Calculate the simple interest

Simple interest is calculated using the formula: I = P * r * t, where I is the interest, P is the principal, r is the rate, and t is the time. In this case, P = $1800, r = 5% = 0.05, and t = 4 years. I = 1800 * 0.05 * 4

Step 2: Perform the multiplication

1800 * 0.05 * 4 = 360

Final Answer

$360.00

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