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Find simple interest on $5,523 principal deposited for seven years at a rate of 4.99%
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5 votes
Find simple interest on $5,523 principal deposited for seven years at a rate of 4.99%

User Rave
by
8.0k points

2 Answers

3 votes
Use the formula,

Simple Interest= Principal*Rate*Time/100=5523*7*4.99/100=1929.18$


User Samarth
by
8.2k points
0 votes
I=PRT
I=interest
P=initial amount
R=rate in decimal
T=time in years

given
P=5523
R=4.99%=0.0499
T=7

I=(5523)(0.0499)(7)
I=1929.1839
round

$1929.18 interest earned
User Hwa
by
8.4k points
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