21,006 views
43 votes
43 votes
Simple interest I = PRT $15,000 at 10percent for 7 years

User Ghilas BELHADJ
by
2.4k points

1 Answer

14 votes
14 votes

1) Considering

Principal = 15,000

i = 10% = 0.1

t= 7 yrs

A =?

2) Let's find out the Future Value, for this operation. Assuming the interest rate is per year.

A =15000(1+0.1x7)

A=15000(1+0.7)

A=15000(1.7)

A=25500

3) So in 7 years the future value of that 15,000 applied to 10% per year will generate $25,500

User Kevin McQuown
by
2.9k points