Ask Question
1 May, 19:52

How much simple interest is earned on $6000 principal, with an annual interest rate of 3.7% over 5 years?

simple interest: I = P • r • t

A. $7195.24

B. $1195.24

C. $1110.00

D. $7110.00

What is 5 years as a decimal?

+4
Answers (2)
  1. 1 May, 21:13
    0
    dа ta:

    I = ?

    P = $6000

    rate = 3.7% = 0.037

    t = 5

    Answer (C)

    simple interest = $1110.00
  2. 1 May, 22:01
    0
    I = PRT

    P (principal) = 6000

    R (rate) = 3.7% ... u need decimal form = 0.037

    T (time) = 5

    I = (6000) (0.037) (5)

    I = 1110.00 <===

    u dont need years as a decimal ... u need rate as a decimal
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How much simple interest is earned on $6000 principal, with an annual interest rate of 3.7% over 5 years? simple interest: I = P • r • t A. ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers