Question

Based on simple interest, find the total amount saved or owed.

principal = $1700; rate = 6%; time = 5 years



A.
$1802


B.
$1904


C.
$2210


D.
$2312

Answer 1

Firstly we need to find out how much is 6% from $1700:

1700 * 6% =
= 1700 * 6/100 =
= 17 * 6 =
= 102

Now we multiply the result by 5 (years):

102 * 5 = 510

Now we add $510 to the principal:

$1700 + $510 = $2210

Correct answer: C