Calculate the Amount of Simple Interest Earned

question 80

Short Answer

Calculate the amount of simple interest earned.
$6,000 at 12% for 7 years
The interest is $ __________.

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Definitions:

Overtime Pay

Additional compensation provided to employees for hours worked beyond their standard working hours.

Federal and State Income Tax

Taxes imposed by the federal and state governments on taxable income earned by individuals and corporations.

Federal Insurance Contributions Act

A U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs.

Cumulative Gross Earnings

The total gross income earned by an individual or entity before any deductions over a given period.