Question

$2,300 at 7% interest for 9 years. What would the interest be?

Answer 1

We want to find the simple interest accrued on $2,300 at 7% interest for 9 years.

The formula for simple interest is given as;

$I=\frac{P\times R\times T}{100}$

Inserting the values, we have;

$I=\frac{2300\times7\times9}{100}=\text{ \ 1449}$

Therefore, the interest is $1449