Problema Solution
1800 is invested for 9 months at an annual simple interest rate of 15%. how much interest is earned
Answer provided by our tutors
P = $1,800 is the principal
t = 9 moths = 9/12 years = 3/4 years = 0.75 years is the time period in years
r = 0.15 or 15% is the rate as a decimal
I = is the simple interest
I = P*r*t
I = 1,800*0.15*0.75
I = $202.50
The interest earned is $202.50.