Question

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Answer 1

The simple interest rate is $46,800

What is simple interest?

Simple interest  serves as the interest that is based on the  principal amount of a loan  or in some cases the  deposit in a savings account.

interest rate  = 6.5%= 6.5/100= 0.065

time = 12 years

principal = $60,000

Simple interest formular =(Principal x Interest Rate x Time)/100

Simple interest = (12* 0.065* 60000)/100

=$46,800

Therefore, simple interest rate is $46,800

Learn more about simple interest at:

brainly.com/question/20690803

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