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lisov135 [29]
3 years ago
9

In the situation, simple interest is calculated yearly. How much interest was earned? (Answers above)

Mathematics
2 answers:
goldfiish [28.3K]3 years ago
7 0
Hello there.

In the situation, simple interest is calculated yearly. How much interest was earned? (Answers above)
1100
Ket [755]3 years ago
3 0
The simple interest formula<span> allows us to calculate I, which is the </span>interest<span> earned or charged on a loan. According to this </span>formula<span>, the amount of </span>interest<span> is given by I = Prt, where P is the principal, r is the annual </span>interest<span> rate in decimal form, and t is the loan period expressed in years.

I = Prt
I = 5500 (8) (0.025) = 1100  <----second option</span>
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