Question

Find the simple interest.

principal = $10,400; rate = 12.5%; time = 11 years



A.$1300


B.$9152


C.$11,700


D.$14,300

Answer 1

Firstly we need to find out how much is 12.5% from $10 400:

10 400 * 12.5% =
= 10 400 * 12.5/100 =
= 104 * 12.5 =
= 1300

Now we multiply the result by 11 (years):

1 300 * 11 = 14 300

So the simple interest is $14 300.

Correct answer: D