Question

Katie borrowed $2,500 at 10% simple interest for 5 years...

What was the total interest

A) $12,50
B) $125.00
C) 1,250.00
D) 12,500,00

Answer 1

A) $1250

Explanation:

p=$2500

r=10%

t=5yrs

i=p*r*t/100

i=2500*10*5/100

i=25*10*5

i=$1250