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Compute the amount of interest earned in the following simple interest problem. A deposit of $10,000 at 9.5% for 90 days = _____. $237.50 $855.00 $23,750.00 $85,500.00

User Nelsie
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Compute the amount of interest earned in the following simple interest problem.
A deposit of $10,000 at 9.5% for 90 days = _____.

$237.50
User Jozsef Naghi
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2 votes

Answer with explanation

Principal(P) = $ 10,000

Rate of interest(R) = 9.5 %

Duration of time(T) =90 days


=(90)/(360)\\\\=(1)/(4) {\text{of a year}}

Formula of Simple Interest


S.I=(P * R * T)/(100)\\\\S.I=(10000 * 9.5 * 1)/(100 * 4)\\\\ S.I=(950)/(4)\\\\S.I=237.50

Option A : $ 237.50→→Amount of interest earned

User Marc Balmer
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