Question

No guessing please help no direct answer please help understand

Peyton earned simple interest on $12,550 with an annual interest rate of 2.7% for 5 years. How much did she earn in interest? Round your answer to the nearest cent.

simple interest: I = P • r • t

Answer:_______

Answer 1

The short answer is $1,694.25. To get this answer you plug it into the equation, so P would be $12,550, r would be .027, and t would be 5, so it would look like this in expanded form:
I=12,550*.027*5.
If you do the math from there, simple multiplication, you will get my answer. I hope this helps, have a nice day! :)

Answer 2

I was about to give you the formula you need,
but I see you already have it.

Simple interest: I = P · r · t

Interest = (Principle) · (rate) · (time)

The question says ...

Principle = $12,550
Rate = 2.7% (that's 0.027)
Time = 5 years

Now it's your turn.
Write the numbers into the formula, and calculate the interest.