Question

What is the amount of interest of 75,000 at 3.45% per year, at the end of 12 years and 6 months?

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Esmeralda

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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

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