Question

find the difference between the simple interest

Answer 1

You want to calculate the interest on $60000 at 10% interest per year after 3.5 year(s).

The formula we'll use for this is the simple interest formula, or:

Where:

P is the principal amount, $60000.00.

r is the interest rate, 10% per year, or in decimal form, 10/100=0.1.

t is the time involved, 3.5....year(s) time periods.

So, t is 3.5....year time periods.

To find the simple interest, we multiply 60000 × 0.1 × 3.5 to get that:

The interest is: $21000.00

Usually now, the interest is added onto the principal .

the compound interest is 85,020