Question

Find simple interest on $5,523 principal deposited for seven years at a rate of 4.99%

Answer 1

I=PRT
I=interest
P=initial amount
R=rate in decimal
T=time in years

given
P=5523
R=4.99%=0.0499
T=7

I=(5523)(0.0499)(7)
I=1929.1839
round

$1929.18 interest earned

Answer 2

Use the formula,

Simple Interest= Principal*Rate*Time/100=5523*7*4.99/100=1929.18$