Question

Find the interest. Round your answer to the nearest cent Principal: 5850, Rate: 9.72%, time 4 1/2 years

Answer 1

To solve this problem we can use the simple interest formula

`I=P* r* t`

P represents the principal amount, 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=5850*0.0972*4(1)/(2)=568.62*4(1)/(2)=2558.79`

The interest after 4 1/2 years will be $2558.79.