The formula for simple interest is:
I=\frac{P\times t\times r}{100}
Given P = $75000, t = 12.5 years, and r = 3.45% or 0.0345:
I=\frac{75000\times12.5\times0.0345}{100}=323.4375
Frequently asked questions (FAQs)
What is the result of multiplying 17 by 23 and then dividing the product by 8?
+
What is the sine value of an angle if its cosine value is 0.839 ?
+
What is the median of the sequence 2, 4, 6, 8, 14, 20?