Find the simple interest. Round your answer to the nearest cent.
-Principal $=\$ 71,400$
Interest Rate $=7 \%$
Time in months $=10$
A) $\$ 4165.00$
B) $\$ 499.80$
C) $\$ 416,500.00$
D) $\$ 49,980.00$

Question

Quizplus · Accepted Answer

The simple interest can be calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P = \$71,400$, $r = 7\% = 0.07$, and $t = 10/12$ years (since the time is given in months), the interest is $I = \$71,400 \times 0.07 \times \frac{10}{12} = \$4,165.00$.

Find the Simple Interest =$71,400=\$ 71,400=$71,400 Interest Rate =7%=7 \%=7% Time in Months

Find the Simple Interest $=\$ 71,400$ Interest Rate $=7 \%$ Time in Months