Question

P=$11,500, P=.03, t=5 years

This is simple interest and I. Don’t know how to do it.
O $1725
O $1725
O $1725
O $1725"

Answer 1

The simple interest can be calculated using the formula I = P * r * t, where I is the interest, P is the principal amount, r is the interest rate, and t is the time in years. In this case, the simple interest on a principal of $11,500, with an interest rate of 3% and a duration of 5 years, is $1725.

Step-by-step explanation:

Simple interest is calculated using the formula:

I = P × r × t

Where:

• I is the interest
• P is the principal amount
• r is the interest rate (as a decimal)
• t is the time (in years)

Given that p = $11,500, P = 0.03 (3%), and t = 5 years, we can calculate the simple interest as follows:

I = 11500 × 0.03 × 5 = $1725

Therefore, the simple interest on a principal of $11,500, with an interest rate of 3% and a duration of 5 years, is $1725.