Question

Determine the simple interest paid to the nearest cent for each loan, interest rate, and time. $2,650, 3.65%, 2 1/2 years

Answer 1

9514 1404 393

Answer:

$241.81

Explanation:

The interest is given by the formula ...

I = Prt

Filling in the values and doing the arithmetic, we have ...

I = $2650×0.0365×2.5

I = $241.81

The simple interest paid is $241.81.