What's the annual interest for a principle of $3500 at a simple annual interest rate of 2.3% over the course of 5 years

Annual interest is, $80.50

Step-by-step explanation:

Simple interest defined as it is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments i.e,

where

I represents the simple interest

P represents the principal

R represents the rate

T represents the time in year.

Given: P = $3500 , R = 2.3% and T = 5 years.

Using simple interest formula to calculate Interest;

Simplify:

Therefore, Annual interest =

1.0

step-by-step explanation: