The Simple interest will be "$400".
Given values are:
- Principle, P = $500
- Interest rate, R = 10%
- Time, T = 8 months
As we know,
→ [tex]Simple \ interest (SI) = \frac{P\times R\times T}{100}[/tex]
By substituting the values, we get
→ [tex]=\frac{500\times 10\times 8}{100}[/tex]
→ [tex]=5\times 10\times 8[/tex]
→ [tex]= 400[/tex] ($)
Thus the above response is correct.
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