Question

the equation for simple interest is I= p r t (I=interest, p=principal, r=rate, t=time) Find the simple interest paid to the nearest cent for a loan of $1750 at 12% for 18 months (1.5 years).

Answer 1

Simple Interest = $315

Explanation:

The formula for Simple Interest

I = P× R × T

I=interest, p=principal, r=rate, t=time

P = $1750

R = 12% = 0.12

T = 1.5 years

I = $1750 × 0.12 × 1.5

I = $315