Question

The formula commonly used to find simple interest is a prtWhat is the simple interest I p=1000, r=0.05, and t=1?5050010501001.05

Answer 1

If the formula is

Simple Interest = p*r*i

And we replace p by 1000, r by 0.05 and t by 1, we get:

Simple Interest = 1000*0.05*1

Simple Interest = 50

Answer = 50