Question

24.Julie borrowed $3,500 for 3 years at 7½% simple interest rate.

How much interest is that?
A$735
B$787.50
C$810
D$812.50
CORRECT ANSWER PLEASEEEEEEEEEEE

Answer 1

• $787.5 = Interest

Solution:

Let's use PRT/100 to find the simple interest.

• 3500 x 7.5 x 3/100 = Interest
• → 35 x 7.5 x 3 = Interest
• → 35 x 7.5 x 3 = Interest
• → $787.5 = Interest

Hence, the simple interest is $787.5.