The question is incomplete, here is the complete question:
Find the simple interest to the nearest cent for each principal, interest rate and time!
$1500, 4.25%, 4 years
Answer:
$225
Step-by-step explanation:
We can easily solve this using the simple interest formula;
Simple Interest = P×R×T / 100
WHERE
P is the principal
R is the rate
T is the time (given in years)
In this question, the principal(p) given is $1500
The rate given is 4.25% and the time given is 4
We can now substitute into our equation, hence;
Simple Interest = P ×R × T / 100
=$1500×4.25×4 / 100
=$25500/100
=$255
Therefore the simple interest is $255
