Question

Amount=29000
Time=29 months
Rate=3.5%
Find the interest?​

Answer 1

I = $ 2,452.92

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

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

putting time into years for simplicity,

29 months ÷ 12 months/year = 2.416667 years,

then, solving our equation

I = 29000 × 0.035 × 2.416667 = 2452.917005

I = $ 2,452.92

The simple interest accumulated

on a principal of $ 29,000.00

at a rate of 3.5% per year

for 2.416667 years (29 months) is $ 2,452.92.