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27 July, 19:06

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

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  1. 27 July, 20:47
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    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.
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