Question

Find the interest. Round your answer to the nearest cent. Principal: 22,000, Rate: 3%, Time: 5 yrs

Answer 1

To find the interest, we're going to use the following formula

`I=P* r* t`

Where P represents the principal, r represents the rate(written as a decimal), and t represents the time in years.

Plugging the given values on this formula, we have

`I=22,000*0.03*5=3300`

The interest after 5 years will be $3300.00.