Question

Find the interest earned in an account with 3,600 invested at 3 1/2% simple interest for 5 years at

Answer 1

Total Interest earned is $630.

Explanation:

Principal = $3,600

Time = 5 Years

Interest Rate = 3 1/2% = 7/2% = 3.5%

Interest = Principal x Time x Interest Rate

Interest = $3,600 x 5 x 0.035

Interest = $630