RylinT651033 RylinT651033
  • 25-10-2022
  • Mathematics
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Find the simple interest on $50,000 for 2 years at 7%

Find the simple interest on 50000 for 2 years at 7 class=

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RamsiL620657 RamsiL620657
  • 25-10-2022

Answer:

$7,000

Explanation:

To find the simple interest on any principal, we use the formula:

[tex]Simple\: Interest=\frac{Principal\times Rate\times Time}{100}[/tex]

From the given question:

• Principal = $50,000

,

• Rate= 7%

,

• Time = 2 years

Therefore:

[tex]\begin{gathered} \text{Interest}=\frac{50,000\times7\times2}{100} \\ =\$7,000 \end{gathered}[/tex]

The simple interest is $7,000.

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