Find the simple interest earned by each account. $1,200 principal at 5.5% interest for 25 years

Question

Chaz Avery

Mathematics

1 December, 12:15

Find the simple interest earned by each account. $1,200 principal at 5.5% interest for 25 years

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Answers (1)

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Mason Steele · Answer 1

The simple interest is $1650

Step-by-step explanation:

Simple Interest = PRT/100

where p = principal, r = rate and t = time

p = $1200, r = 5.5%, and t = 25 years

SI = (1200*5.5*25) / 100

SI = 12*5.5*25

SI = $1650