How much simple interest rate would earn if had $10,000 and you were being paid 5% for 15 months?

Question

Mathematics

Savanna Gibson

26 January, 07:01

How much simple interest rate would earn if had $10,000 and you were being paid 5% for 15 months?

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Answers (1)

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Lilah · Answer 1

Here is the interest equation: I=prt

Where I is interest, p is principal, r is rate and t is time (in years).

Substitute with known values.

I = prt

I = 10000 (.05) (1 and 1 over 4)

I = 625

Answer: $625 for 15 months.