How do you find interest principal $500, rate 5%, time 9 months?

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How do you find interest principal $500, rate 5%, time 9 months?

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Answer 1 · 2018-04-10T03:03:20

The interest for nine months is $$ 18.75$ $$18.75$

Explanation:

In general, simple interest is

$I = p r t$ $I=prt$ where $p$ $p$ is the principal value ( $500$ $500$ ), $r$ $r$ is the rate in percent ( $5 %$ $5%$ ), and $t$ $t$ is the time in years ( $\frac{3}{4}$ $3/4$ )

$I = $ 500 \cdot 0.05 \cdot \frac{3}{4}$ $I=$500*0.05*3/4$

$I = $ 25 \cdot \frac{3}{4}$ $I=$25*3/4$

$I = $ 18.75$ $I=$18.75$

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How do you find interest principal $500, rate 5%, time 9 months?

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