Problema Solution
Determine the simple interest on an account paying 6.5% annually interest of an investment of $5,250.
Answer provided by our tutors
We will determine the simple interest for 1 year.
r = 0.065 or 6.5%
P = $5,250 the principal
t = 1 yr
I = the interest
I = P*r*t
I = 5250*0.065*1
I = $341.25