find the simple interest earned with the following: principal amount: $13,700 interest rate: 8% term in…

find the simple interest earned with the following: principal amount: $13,700 interest rate: 8% term in years: 7 $7,314 $7,391 $7,494 $7,672 $7,832

find the simple interest earned with the following: principal amount: $13,700 interest rate: 8% term in years: 7 $7,314 $7,391 $7,494 $7,672 $7,832

Answer

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = P\times r\times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The interest rate $r = 8%=0.08$.

Step3: Substitute values into the formula

We have $P = 13700$, $r = 0.08$, and $t = 7$. So $I=13700\times0.08\times7$. First, $13700\times0.08 = 1096$. Then, $1096\times7=7672$.

Answer:

$7,672$