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In the situation, simple interest is calculated yearly. how much interest was earned? drag and drop the answer into the box. principal: $12,000; time: 3 years; interest rate: 15%; interest: ?

Respuesta :

Aliwohaish12
I=prt,,i=12000*3*0.15=5400

The amount of interest earned is $5,400

From the question,

We are to calculate the simple interest earned

Interest can be calculated by using the simple interest formula

I = PRT

Where I is the interest

P is the principal

R is the rate

T is the time

From the question

P = $12,000

R = 15%

T = 3 years

∴ Interest,

I = $12000 × 15% × 3

I = $12000 × 0.15 × 3

∴ I = $5400

Hence, the amount of interest earned is $5,400

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