Question

4250at 7% per year for 1.5 years find the interest in the total amount to the nearest cent simple interest

Answer 1

To find the interest on $4250 at a rate of 7% per year for 1.5 years, we use the simple interest formula: Interest = Principal × Rate × Time. Plugging in the values, we find that the interest is $446.25.

Step-by-step explanation:

To find the interest on $4250 at a rate of 7% per year for 1.5 years, we can use the simple interest formula:

Interest = Principal × Rate × Time

Where:

• Principal = $4250
• Rate = 7% = 0.07
• Time = 1.5 years

Plugging in these values, we get:

Interest = $4250 × 0.07 × 1.5 = $446.25

Therefore, the interest on the total amount to the nearest cent is $446.25.