Question

Calculate the simple interest for amount below.
$5500 at 5% for 6.5 years

Answer 1

The total simple interest is $1,787.50 for 5% on $5500.

Explanation:

Here's the math equation:

$5500 x .05 x 6.5 = $1,787.50

To get the total cost of the loan, you must add the interest paid back to the original amount of the loan. So make sure you know what the question is asking.

Is the question asking for just the interest amount or the total amount?

Good Luck!!

Answer 2

$7,287.50

Explanation:

Use the formula A=P(1+rt), where P is the starting amount, R is the rate in %, and T is the time in years.