Question

Principal: $35000
Rate: 2%
Time: 6 Years
What is the simple interest made?

Answer 1

I’m thinking $4200

Explanation:

Because 35k at 2% for 6 years will get you that

Answer 2

$4200

Explanation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year,

then, solving our equation

I = 35000 × 0.02 × 6 = 4200

I = $ 4,200.00

The simple interest accumulated

on a principal of $ 35,000.00

at a rate of 2% per year

for 6 years is $ 4,200.00.