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5 December, 21:38

What is the interest due on $5,000 at 11% for 3 years?

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Answers (2)
  1. 5 December, 23:08
    0
    Simple interest is:

    I=prt

    Interest

    Portion of money starting with

    Rate

    Time
  2. 6 December, 01:24
    0
    Amount after 11 years = 5000 (1 + 0.11) ^3 = $6838.16

    so interest is 1638.16 dollars
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