Find the simple interest if $5000 is borrowed for 2 years at 12% rate of interest

6,200.00

Step-by-step explanation:

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 12%/100 = 0.12 per year.

Solving our equation:

A = 5000 (1 + (0.12 * 2)) = 6200

A = $6,200.00