Question

What is the interest if the principle is $600, the interest rate is 4.5%, and the loan is 5 years?

Answer 1

Answer:

$135

Step-by-step explanation:

P is the principal amount, $600.00.

r is the interest rate, 4.5% per year, or in decimal form, 4.5/100=0.045.

t is the time involved, 5....year(s) time periods.

So, t is 5....year time periods.

To find the simple interest, we multiply 600 × 0.045 × 5 to get that:

:) hope this helps