Question

complete the table by using your knowledge of the formula for simple interest. principle amount saved (dollars) 425, interest rate 7% time (years) 5 how many interest Earned (dollars)

Answer 1

$ 148.75

Explanation:

Simple interest:

Principle = $ 425

Rate = 7%

Time = 5 yeats

`\sf \boxed{Simple \ Interest = (Principle*rate*time)/(100)}`

`= (425*7*5)/(100)\\\\=(17*7*5)/(4)\\\\\\=(595)/(4)\\\\=148.75`