Question

Determine how much simple interest you would earn on the following investment:

$13,400 invested at a 6/2 % interest rate for 4 years.

Answer 1

Simple interest = $ 3,484.00

Explanation:

I= P×R×T ÷ 100

The rate is 6 1/2 and I will use the decimal form 6.5,to change that to a whole number we simply move the decimal point one place behind.

Since we moved the decimal point in the numerator we need to do the same for the denominator.Therefore 100 becomes 1000.

13400 × 65 × 4 = $ 3,484.00

1000

Answer 2

How do you mean 6/2%? Clarify it for assistance