Question

Find the simple interest to the nearest cent.
3.) $2,400 at 3.5% for 5 1/4 years.

Answer 1

$441

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3.5%/100 = 0.035 per year,

then, solving our equation

I = 2400 × 0.035 × 5.25 = 441

I = $ 441.00

The simple interest accumulated

on a principal of $ 2,400.00

at a rate of 3.5% per year

for 5.25 years is $ 441.00.