Answer:
The interest is $162.
Step-by-step explanation:
Given : P = $300; r = 9%; t=6 years.
To find : Using the formula for simple interest find the value of I?
Solution :
The simple interest formula is given by,
[tex]I=P\times r \times t[/tex]
Where, P is the principal P=$300
r is the interest rate r=9%=0.09
t is the time t=6 years
Substitute the value in the formula,
[tex]I=300\times 0.09\times 6[/tex]
[tex]I=\$162[/tex]
Therefore, The interest is $162.
