Calculate the amount of simple interest on $25,000 for 9 years at 5.5% interest to the nearest dollar.

Question

asked Jan 28, 2024 50.2k views

1 Answer

Megan Speir · Answer 1 · 2024-02-01T19:24:17+0000

The amount of simple interest on $25,000 for 9 years at 5.5% interest is $12,375 to the nearest dollar.

To calculate the amount of simple interest on $25,000 at 5.5% interest for 9 years, we can use the formula:

Simple Interest = Principal x Rate x Time

Substituting the given values: Principal = $25,000, Rate = 5.5%, Time = 9 years

Simple Interest = $25,000 x 0.055 x 9 = $12,375

Therefore, the amount of simple interest is $12,375 to the nearest dollar.