The simple interest on $15000 for three months at 10% per annum is

Question

asked Jan 27, 2021 219k views

1 Answer

Mdtuyen · Answer 1 · 2021-02-02T10:38:50+0000

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Answer:

$375

Explanation:

The interest formula for simple interest is ...

I = Prt . . . . on amount P, at annual rate r for t years.

Here, t = 3/12 = 1/4, r = 0.10, P = $15,000, so the interest is ...

I = $15,000·0.10·0.25 = $375

The simple interest is $375.