Question

13) What is the simple interest and total amount earned on $4345 with an interest rate of

3% over 16 months. Round to the nearest cent. (3 marks)
Simple Interest
Total Amount

Answer 1

173.80 interest, 4518.80 total

Explanation:

4345 X .03(3%)=130.35/year

130.35/12=10.8625/month

10.8625 x 16 months = 173.80 interest over 16 months

4345+173.80=4518.80 total amount