Question

How much simple interest would 1500 earn in 11 months at an interest rate of 3.75%

Answer 1

`i = prt`

`i = 1500 * .0375 * 11`

`i = 5.63 * 11 = 61.93`

Answer 2

Answer: $51.56

Explanation:

Formula to find simple interest :-

`I=Prt`, where P is the initial amount , r is rate of interest in decimal and t is time period in years.

Given : P= $1500

r=3.75%=0.0375

t= 11 months=
`(11)/(12)\ year` [since 1 years = 12 months]

Now, the simple interest will be :_

`I=(1500)(0.0375)((11)/(12))=51.5625\approx\$51.56\`

Hence, the required simple interest = $51.56