NerdKid4ever
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No guessing please help no direct answer please help understand

Peyton earned simple interest on $12,550 with an annual interest rate of 2.7% for 5 years. How much did she earn in interest? Round your answer to the nearest cent.

simple interest: I = P • r • t

Answer:_______

Respuesta :

Amondin
The short answer is $1,694.25.  To get this answer you plug it into the equation, so P would be $12,550, r would be .027, and t would be 5, so it would look like this in expanded form:
I=12,550*.027*5.
If you do the math from there, simple multiplication, you will get my answer.  I hope this helps, have a nice day! :)
AL2006
I was about to give you the formula you need,
but I see you already have it.

Simple interest:   I = P · r · t

      Interest = (Principle) · (rate) · (time)      

The question says ...

Principle = $12,550
Rate = 2.7%        (that's 0.027)
Time = 5 years

Now it's your turn.
Write the numbers into the formula,  and calculate the interest.

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