Problema Solution
what is the interest of $3,500, at 6.5% interest, for 30 months
Answer provided by our tutors
Assuming that we need to find the simple interest we have:
P = $3,500 the principal
r = 0.065 or 6.5% the interest rate as decimal
t = 30 months = 30/12 years
I = the interest
I = P*r*t
I = 3,500*0.065*(30/12)
I = $568.75
The interest for 30 years is $568.75.