Problem
QUESTION 5 Find the simple interest. Round your answer to the nearest cent. Principal \( =\$ 59,400 \) Interest Rate \( =7 \% \) Time in years \( =6 \) \( \$ 1414.29 \) \( \$ 2494.80 \) \( \$ 24,948.00 \) \( \$ 69,300.00 \)
Solution
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: \(I = 24948\)
