Question

Andrew borrows $79,500 for 5 months on 6.30% interest rate in his saving account. calculate the simple interest

Answer 1

Equation i= p time r time T 79500 time .0630 time .42 Equal 21,035.7 simple interest Dos Doctor pepper on the interest, going back two time on the left which would become .0630 5 divide month of 12 which is .41666 Round to the nearest tenth which is .42