Question

$2,300 at 7% interest for 9 years. What would the interest be?

Answer 1

We want to find the simple interest accrued on $2,300 at 7% interest for 9 years.

The formula for simple interest is given as;

`I=(P* R* T)/(100)`

Inserting the values, we have;

`I=(2300*7*9)/(100)=\text{ \$1449}`

Therefore, the interest is $1449