Question

How much simple interest is earned on $6000 principal with an annual interest rate of 3.7% over 5 years

Answer 1

simple interest = prinicpal amount x rate(as a decimal) x time(in years)
plug in the given numbers and solve

Answer 2

The interest rate as a decimal is 0.037. To find the simple interest in 1 year, multiply $6000 by 0.037. Then multiply the result by 5 to find the interest over 5 years.

Answer 3

Still need help not working out its either 7195.24
1195.24
1110.00
7110.00

Answer 4

The amount of interest earned in 5 years is given by:
\[\large $6000\times0.037\times5=$(you\ can\ calculate)\]