Mary borrowed $11,000 at 5% simple interest for 4 years. What was the total interest?
Question 1 options:
$22
$220
$22,000
$2,200
To calculate the total interest, we can use the simple interest formula:
Interest = Principal * Rate * Time
In this case, the principal (amount borrowed) is $11,000, the interest rate is 5%, and the time is 4 years.
Plugging in the values:
Interest = $11,000 * 0.05 * 4 = $2,200
Therefore, the total interest is $2,200.