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If $6,000 is invested for 5 years with a 3.5% yearly interest rate, what is the amount of simple interest earned?

If $6,000 is invested for 5 years with a 3.5% yearly interest rate, what is the amount of simple interest earned?
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14 votes
If $6,000 is invested for 5 years with a 3.5% yearly interest rate, what is the amount of simple interest earned?

User Matthew Sprankle
by
8.6k points

1 Answer

9 votes

Answer:

1,050

Explanation:

Simple Interest = Principle×Rate×Time/100

=6,000×5×3.5/100

=1,050

User Arbitur
by
8.0k points
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