Find the simple interest earned by each account. $1,200 principal at 5.5% interest for 25 years
2 answers:
Answer:
$1650
Step-by-step explanation:
Simple interest=principal×time×rate/100
Principal=$1200
Time=25years
Rate=5.5%
S.I=1200×25×5.5/100
S.I=12×25×5.5
S.I=1650
So the simple interest is $1650
Answer:
The simple interest is $1650
Step-by-step explanation:
Simple Interest = PRT/100
where p = principal, r = rate and t = time
p = $1200, r = 5.5%, and t = 25 years
SI = (1200*5.5*25)/100
SI = 12*5.5*25
SI = $1650
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