Answer:
2,995 or 35,940(?)
Step-by-step explanation:
I don't exactly remember how to do this so, I'll show you two different ways I solved this
Use the formula I=P*r*t
I=Interest
P=Principal
r=rate
t=time
To solve this you'll have to...
The principal is 29,950, the rate is 5% but it'll become a decimal which is 0.05, and the time is 2
Put it into the formula form 29,950*0.05*2= 2,995 in interest
Or...
You'll use the same formula, but this time multiply 0.05 by 12 since there are 12 months in one year which is 0.6, so...
29,950*0.6*2=35,940 in interest
I hope one works!
