Question

Calculate the simple interest on
a) $34 000 invested at 5.5% P.A. for 6.5 years

Answer 1

whats the formula you use for this? cmpd interst right

Answer 2

i dont know. thats why im asking. Like can you use the A=P(1+r%)^n formualt

Answer 3

what does p a stand for

Answer 4

per annum

Answer 5

I think there 3 formulas for interest, but since it says simple interest, you don't use compound interest, and the one that mortgage is for. so whatever equation is for simple interest, use that