Question

Find the interest due on $5,000 at 11% for 3 years.

Answer 1

For simple interest the answer would be $6650 but for compound interest it would be $6838.16 I hope this helped ^^ (It is $1650 extra for simple interest and $1838.16 for compound)

Answer 2

I=prt
I=5,000×0.11×3
I=1,650