Anhboy0312 Anhboy0312

22-02-2021
Mathematics

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Determine the simple interest when: principal: $15,850 interest rate: 3.75%, time: 7 year

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ADVENTUROUSBOY ADVENTUROUSBOY

23-02-2021

$4,160.625

Step-by-step explanation:

principle (p) = $15,850

rate (r) = 3.75%

time (t) = 7 years

simple interest = (p × r × t) ÷ 100

= (15850 × 3.75 × 7) ÷ 100

= 416,062.5 ÷ 100

= 4,160.625

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