Answered

Find the simple interest.
PRINCIPAL
RATE OF
INTEREST
TIME
SIMPLE
INTEREST
7
50,000
6-8%
3 months
?
The simple interest is $
(Simplify your answer. Type a whole number or a decimal. Round to the nearest cent as needed.)



Answer :

GinnyAnswer
To find the simple interest, we can use the formula: Simple Interest = (Principal x Rate x Time) / 100 Given: Principal = $50,000 Rate of Interest = 6-8% (let's take the average which is 7%) Time = 3 months Now, let's plug in the values into the formula: Simple Interest = (50,000 x 7 x 3) / 100 Simple Interest = (350,000) / 100 Simple Interest = $3,500 Therefore, the simple interest for this scenario is $3,500.