Shirley deposited $1,400 into a bank account at a rate of 8% simple interest per year. How much interest did she pay in 7 years? What is the

Question

Shirley deposited $1,400 into a bank account at a rate of 8% simple interest per year. How much interest did she pay in 7 years? What is the total that she needs to pay back

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Peyton 2 weeks 2021-11-20T18:49:51+00:00 1 Answer 0

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    2021-11-20T18:51:13+00:00

    Answer:

    The interest did she pay in 7 years is $ 784

    Total amount she needs to pay back in 7 years is $ 2184

    Step-by-step explanation:

    Given as :

    The principal deposited in account = $ 1400

    The rate of simple interest applied = 8 %

    The Time period = 7 years

    Let interest = SI

    Amount = A

    From Simple Interest method

    Simple interest = \frac{Principal\times Rate\times Time}{100}

    Or, Simple interest = \frac{1400\times 8\times 7}{100}

    Or, Simple interest = \frac{78400}{100} = $ 784

    ∴  Simple interest = $ 784

    Now, The amount she need to pay in 7 years = Amount = Principal + interest

    Or,  Amount = $ 1400 + $ 784 = $ 2184

    Hence The interest did she pay in 7 years is $ 784

    Total amount she needs to pay back in 7 years is $ 2184  Answer

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