Question

Question 1
2 pts
Find the simple interest on $1200 for 5 years at a rate of 3.91%.
State your answer in terms of dollars rounded to the nearest cent (hundredth).
Do not include a $ sign with your response.

Answer 1

Simple interest = 234.6

Explanation
P= $1200
R=3.91%
T= 5 years

Simple interest formula is
A= P(1 +Rt)