Paul's mom, Gina, owns her home outright, without a mortgage. It is currently worth $100,000. If she could get five percent interest by investing her money in a secure gove…

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asked Dec 4, 2019 729 views

1 Answer

Tony Baby · Answer 1 · 2019-12-10T09:08:32+0000

Use the formula i = p*r*t.

Here, p = $100000, r = 0.05 and t = 1 (year)

The interest would be i = $100000*0.05*1 = $5000 per year.