Find the simple interest for the indicated length of time:
$7,211 at 12% interest for 1.7 years
A) $2336.36
B) $774.23
C) $1384.51
D) $1471.04
7,211 * 0.12 * 1.7 = ?
To find the simple interest, you can use the formula:
Simple Interest = Principal (P) * Rate (R) * Time (T)
Given:
Principal (P) = $7,211
Rate (R) = 12% or 0.12 (in decimal form)
Time (T) = 1.7 years
Now, plug in the values into the formula:
Simple Interest = $7,211 * 0.12 * 1.7
Calculating this expression:
Simple Interest = $1,088.52
Therefore, the simple interest for $7,211 at 12% interest for 1.7 years is $1,088.52.
None of the provided options match the calculated value.