$30,000 for 15 years at a yearly simple interest rate of 5%

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asked Feb 28, 2018 200k views

1 Answer

Lokesh Patel · Answer 1 · 2018-03-04T04:29:01+0000

Hi there

To find the simple interest earned
Use this formula
I=prt
I interest earned?
P principle 30000
R interest rate 0.05
T time 15 years

So
I=30,000×0.05×15
I=22,500

Hope it helps

$30,000 for 15 years at a yearly simple interest rate of 5%

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