What is the interest?

Question

Sam borrows $5709 of 4.5% simple interest for 3 years

Answer 1

Hi Dazzmine,

I am not sure if you received an answer for this problem, but just in case you didn't:

Simple Interest (I) is calculated by multiplying the amount borrowed or deposited (P) by the interest rate (r) (as a decimal) by the time (t) (in years).

The equation used to represent this is:

I = P • r • t

I = 5709 • 0.045 • 3

I = $770.72

The interest would be $770.72