Question

Time

5 veares
Find the simple interest when
i) Principal = 22000, Rate of interest = 5% time = 5years​

Answer 1

Answer: Simple interest = $5,500

Explanation:

Interest formula:

I = prt

Convert 5% to 0.05

I = 22,000 × 0.05 × 5 = 5,500

I = $5,500.00