Answer:
The interest is: $2550.00
Step-by-step explanation:
I = P x r x t
P is the principal amount, $12000.00.
r is the interest rate, 4.25% per year, or in decimal form, 4.25/100=0.0425.
t is the time involved, 5....year(s) time periods.
So, t is 5....year time periods.
To find the simple interest, we multiply 12000 × 0.0425 × 5 to get that:
The interest is: $2550.00
