I = prt Time = 3 years Interest Rate = 5% Principal = $7,430 Use the information to answer the question. How much interest is pa
id? $111.45 $1,114.50 $11,145 $111,450
2 answers:
I = prt
p = 7430
r = 5%....turn to decimal = 0.05
t = 3
I = (7430)(0.05)(3)
I = 1114.50 <===
Answer: Second option is correct.
Step-by-step explanation:
Since we have given that
Principal = $7,430
Rate of interest = 5%
Time = 3 years
We need to find the interest paid using "simple Interest" method.
As we know the formula:
Hence, Second option is correct.
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