Question

1

Answer 1

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!