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19 March, 17:31

How much simple interest is earned on $6000 principal, with an annual interest rate of 3.7% over 5 years?

simple interest: I = P • r • t

A. $7195.24

B. $1195.24

C. $1110.00

D. $7110.00

What is 5 years as a decimal?

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Answers (2)
  1. 19 March, 17:39
    0
    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
  2. 19 March, 17:55
    0
    dа ta:

    I = ?

    P = $6000

    rate = 3.7% = 0.037

    t = 5

    Answer (C)

    simple interest = $1110.00
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