True or False?
1 answer:
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Answer:
B. $840
Step-by-step explanation:
Given that
Rate of simple interest = 3.5%
Principal amount = $12,000
Time = 2 year
To find:
Interest earned = ?
Solution:
Formula for Simple Interest is given as:
Where P is the principal amount
R is the annual Rate of interest
T is the time for which principal was invested.
Here, we are given that:
P = $12,000
R = 3.5%
T = 2 years
Putting all the values in the formula:
So, answer is:
B. $840