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what is the simple interest if the principal is $12,000 in the interest rate is 4.25% and the time is 5 years?
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what is the simple interest if the principal is $12,000 in the interest rate is 4.25% and the time is 5 years?

User Nichelle
by
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1 Answer

5 votes

Answer:

$2,550

Explanation:

The applicable formula for simple interest is ...

I = Prt

Filling in the given values and doing the arithmetic, we find the interest to be ...

I = $12,000×0.0425×5 = $2,550

User Notnot
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5.5k points
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