QUESTION 5
Find the simple interest. Round your answer to the nearest cent.
Principal $ =\$ 59,400 $
Interest Rate $ =7 \% $
Time in years $ =6 $
$ \$ 1414.29 $
$ \$ 2494.80 $
$ \$ 24,948.00 $
$ \$ 69,300.00 $

Answer

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Answer

Step 3: Calculate: $I = 24948$

Steps

Step 1 ：Step 1: Use Formula for Simple Interest: $I = P * r * t$

Step 2 ：Step 2: Substitute Values: $I = 59400 * 0.07 * 6$

Step 3 ：Step 3: Calculate: $I = 24948$