Asked by Tanisha

Find the simple interest.

$900 deposited at an interest rate of 3% for 5 years.


$1,348 deposited at an interest rate of 2.5% for 18 months.

Answers

Answered by Reiny
simple interest = principal x rate x time
for the first one:
interest = 900(.03)(5) = 135

do the second one the same way, use 18/12 for the time.
Answered by Tanisha
so the answer or the first one is 135 and im not supposed to add 900 to 135?
Answered by Reiny
it just asked for the interest

If you add the 135 to the original 900 you would have the "amount"
Answered by Tanisha
oh ok thank you
Answered by Tanisha
for the second one do i do

1348(0.0025)(1.5)= 5
Answered by Reiny
small slip-up
2.5% = .025 not .0025 like you have

interest = 1348(.025)(1.5) = 50.55

(love to have a loan of %1348 where I would only pay $5 in 1 1/2 years)
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions