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

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asked Jan 2, 2017 63.4k views

1 Answer

Soramimo · Answer 1 · 2017-01-06T07:47:08+0000

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.

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

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