Question

Fin the simple interest earned on $750 6% for 18 months

Answer 1

`I=\text{ \$67.5 }`

Explanation:

Simple interest is represented by the following equation:

`\begin{gathered} I=P\cdot R\cdot T \\ \text{where,} \\ P=\text{ money invested} \\ R=interest\text{ rate (decimal form)} \\ T=\text{time } \end{gathered}`

Hence, for $750 at a simple interest of 6% for 18 months:

`\begin{gathered} I=750\cdot0.06\cdot1.5 \\ I=\text{ \$67.5 } \end{gathered}`