Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - Chapter Summary, Review, and Test - Review Exercises - Page 570: 28

Answer

\[\$2,520\]

Work Step by Step

Calculation of the simple interest can be done by multiplying the principal amount with the rate of interest and respective duration of time. By using formula \[\begin{align} & \text{Simple interest}=\text{Principal amount}\times \text{Interest rate}\times \text{Time} \\ & =\$8,400\times0.05\times6\\&=\$2,520\end{align}\]
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