Question

Use the simple interest formula to find the interest earned for $347 at 9.63% for 5 years

Answer 1

$167.08

Explanation:

First, converting R percent to r a decimal

r = R/100 = 9.63%/100 = 0.0963 per year,

then, solving our equation

I = 347 × 0.0963 × 5 = 167.0805

I = $ 167.08

The simple interest accumulated

on a principal of $ 347.00

at a rate of 9.63% per year

for 5 years is $ 167.08.