Question

What is the simple interest earned on $7550 at a 3.9% interest rate for 6 years? Round your answer to the nearest cent.

Answer 1

I'm going to assume the rate, 3.9%, is for one year.

7550 * 3.9 * 6 = $176, 670 is the simple interest earned in 6 years with a rate of 3.9% per year.


Since you have the formula, why don't you do it yourself?