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$30,000 for 15 years at a yearly simple interest rate of 5%
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$30,000 for 15 years at a yearly simple interest rate of 5%

User Ilrein
by
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1 Answer

6 votes
Hi there

To find the simple interest earned
Use this formula
I=prt
I interest earned?
P principle 30000
R interest rate 0.05
T time 15 years

So
I=30,000×0.05×15
I=22,500

Hope it helps
User Lokesh Patel
by
8.7k points
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