How much simple interest is earned on $6000 principal, with an annual interest rate of 3.7% over 5 years?
2 answers:
I = PRT
P (principal) = 6000
R (rate) = 3.7%.....u need decimal form = 0.037
T (time) = 5
I = (6000)(0.037)(5)
I = 1110.00 <===
u dont need years as a decimal...u need rate as a decimal
Data:
I = ?
P = $6000
rate = 3.7% = 0.037
t = 5
Answer (C)
<span>simple interest = <span>$1110.00</span></span>
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