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



3 years ago Comment

Best answer

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.