Question

Sam borrows $5700 at 4.5% simple interest for 3 years. Find the interest

Answer 1

The interest is

$ 769.50

Explanation:

Simple interest is given by

`I = (P * R * T)/(100)`

where

P is the principal

R is the rate

T is the time given

From the question

The principal / P = $ 5700

The rate / R = 4.5%

The time given / T = 3 years

So the interest is

`I = (5700 * 4.5 * 3)/(100)`

`I = (76950)/(100)`

We have the final answer as

I = $ 769.50

Hope this helps you