Anhboy0312 Anhboy0312

22-02-2021
Mathematics

contestada

Determine the simple interest when: principal: $84,910 interest rate: 5.5%, time: 5 year

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ADVENTUROUSBOY ADVENTUROUSBOY

23-02-2021

$23,350.25

Step-by-step explanation:

principle (p) = $84,910

rate (r) = 5.5%

time (t) = 5 years

simple interest = (p × r × t) ÷ 100

= (84910 × 5.5 × 5) ÷ 100

= 2,335,025 ÷ 100

= 23,350.25

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