raufmustafa1998 raufmustafa1998

22-01-2017
Mathematics

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Find simple interest on $5,523 principal deposited for seven years at a rate of 4.99%

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apologiabiology apologiabiology

22-01-2017

I=PRT
I=interest
P=initial amount
R=rate in decimal
T=time in years

given
P=5523
R=4.99%=0.0499
T=7

I=(5523)(0.0499)(7)
I=1929.1839
round

$1929.18 interest earned

Answer Link

22-01-2017

Use the formula,

Simple Interest= Principal*Rate*Time/100=5523*7*4.99/100=1929.18$

Answer Link

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