Question

Find the simple interest paid to the nearest cent for each loan amount, interest rate, and time.

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Answer 1

Answer:

I = $ 1,937.50

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3.875%/100 = 0.03875 per year,

then, solving our equation

I = 10000 × 0.03875 × 5 = 1937.5

I = $ 1,937.50

The simple interest accumulated

on a principal of $ 10,000.00

at a rate of 3.875% per year

for 5 years is $ 1,937.50.

Step-by-step explanation:

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