Question

Find the simple interest on $6900 at 16 2/3% per year for 2 years

Answer 1

To find the simple interest, we can use the formula: Simple Interest = Principal × Rate × Time.

Using the given information:
Principal = $6900
Rate = 16 2/3% = 16.67% = 0.1667 (in decimal form)
Time = 2 years

Now we can calculate the simple interest.