Solve. -The Amount of Simple Interest Earned on an Investment Over

question 118

Multiple Choice

Solve.
-The amount of simple interest earned on an investment over a fixed amount of time is jointly proportional to the principle invested and the interest rate. A principle investment of $2400.00 with an interest rate of 1% earned
$120.00 in simple interest. Find the amount of simple interest earned if the principle is $1600.00 and the interest
Rate is 8%.

• A) $640.00
• B) $64,000.00
• C) $960.00
• D) $80.00

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