Interest on amount \(\$1500\) with the interest rate \(4\%\) for \(6\) years is equal to \(\$360\).
What is interest?
" Interest is defined as the total amount of money paid for the use of others money."
Formula used
Simple interest \(= \frac{P\times R\times T}{100}\)
P = Principal
R = Rate of interest
T = Time
According to the question,
Amount deposited in the bank 'Principal' \(= \$1500\)
Rate of interest \(= 4\%\)
Time \(= 6\) years
Substitute the value in the formula to get the interest,
Simple interest \(= \frac{1500\times 4\times 6}{100}\)
\(= 15 \times 4\times 6\\\\= \$360\)
Hence, interest on amount \(\$1500\) with the interest rate \(4\%\) for \(6\) years is equal to \(\$360\).
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