Question

What is the amount of simple interest saved on a savings deposit of $1,500 for 18 months at an interest rate of 6%?

Answer 1

$135

Explanation:

Given data

Principal= $1,500

Time= 18 months = 1.5 years

Rate= 6%

The formula for simple interest is given as

SI= PRT/100

Substiute

SI= 1500*6*1.5/100

SI= 13500/100

SI= $135

Hence the simple interest after 18months(1.5 years) is $135