Find the simple interest. Round your answer to the nearest cent.
-Principal $=\$ 150$
Interest Rate $=7 \%$
Time in years $=5 \frac{1}{4}$
A) $\$ 112.50$
B) $\$ 5.51$
C) $\$ 55.13$
D) $\$ 2.00$

Question

Quizplus · Accepted Answer

The simple interest can be calculated using the formula $I = PRT$, where $I$ is the interest, $P$ is the principal, $R$ is the rate (as a decimal), and $T$ is the time in years. Substituting the given values, $I = 150 \times 0.07 \times 5.25 = 55.125$, which rounds to $\$55.13$.

Find the Simple Interest =$150=\$ 150=$150 Interest Rate =7%=7 \%=7% Time in Years

Find the Simple Interest $=\$ 150$ Interest Rate $=7 \%$ Time in Years