Question

$1800 at 6.5% for 30 months

I need a VERY detailed step by step on how to find the interest earned

Answer 1

He earned $292.5 total interest.

Explanation:

simple interest: [ principal * annual interest rate * time ( in years ) ] /100

Here the principal is $1800, annual interest rate is 6.5%, time in years:

(30/12)→ 2.5 years.

Using the formula:

(1800 * 6.5 * 2.5)/100

$292.5

Total money: $292.5 + $1800 = $2092.5