Solve the problem.
-Find the simple interest if $\$ 3200$ is invested at $11.3 \%$ for 2 years.
A) $\$ 723.20$
B) $\$ 566.37$
C) $\$ 180.80$
D) $\$ 361.60$

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $I = PRT$, where $I$ is the interest, $P$ is the principal amount (\$3200), $R$ is the rate of interest per year (11.3% or 0.113), and $T$ is the time in years (2). Substituting these values, we get $I = 3200 \times 0.113 \times 2 = \$723.20$.

Solve the Problem $3200\$ 3200$3200 Is Invested At 11.3%11.3 \%11.3% For 2 Years

Solve the Problem $\$ 3200$ Is Invested At $11.3 \%$ For 2 Years