Question

$775 at 6% simple interest for 3 years

Answer 1

Simple Interest is $139.50

Explanation:

Step 1:

Given details are Principal (P) = $775, Rate (R) = 6% and Time (T) = 3 years

Step 2:

Calculate Simple Interest using the formula SI = PRT/100

⇒ SI = 775 × 6 × 3/100

⇒ SI = 13950/100

⇒ SI = $139.50