Simple Interest is the quickest way to calculate interest. The simple interest on the principal amount of $4,500 for 1 year will be $585.
Simple interest is a method to calculate interest it's the easiest way to calculate interest on a principal amount.
Given to us
Principal amount, P = $4,500
Rate Interest, r = 13%
Time period, T = 1
As we know the formula of simple interest simply substitute the values,
[tex]SI = \dfrac{P \times r \times T}{100}[/tex]
[tex]SI = \dfrac{4500 \times 13 \times 1}{100}\\\\SI = \$585[/tex]
Hence, the simple interest on the principal amount of $4,500 for 1 year will be $585.
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