Question

I= ?
p= 7000
r= 2.45%
t= 7 years

Answer 1

1,200.5

Explanation:

Simple interest is

I = Prt,

where I is the interest earn after t years, P is the initial money , r is the rate

I = 7000*.0245*7 = 1,200.5

1,200.5 is the interest after 7 years

Answer 2

1200.5

Explanation:

Interest Rate = (Simple Interest × 100)/(Principal × Time).

I= 7000(.0245)(7)

I=1200.5