Determine the simple interest earned on $21,500 after 16 years if the APR is 9 %.

$30,960

Step-by-step explanation:

You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.

P = initial balance

r = annual interest rate

t = time

First, change 9% into a decimal:

9% -> -> 0.09

Next, plug the values into the equation:

The simple interest earned is $30,960

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~coco

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