Rainer has a deposit of P 10,000.00 in a savings account for 2 years. If the bank pays simple interest at the rate of 8%, how much interest will he receive?
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1600
Step-by-step explanation:
P=10000
T=2
R=8%
Formulate and subtitute:
SUBTITUTE: P=10000 T=2 R=8% Into formula
I=Prt
I=10000rt
=0.08×10000×2
=(0.08×10000)×2
=800×2
=1600
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