Escribe and correct the error in finding the simple interest earned on $500 at 6% for 18 months. I=500(0.06)(18) I = 540

Question

asked Jun 26, 2022 27.0k views

1 Answer

Inanimatt · Answer 1 · 2022-07-01T22:45:54+0000

Answer: 45$

Explanation:

Given

Principal
$P=\$500$

Rate
$R=6\%$

time
$t=18\ \text{months or}\ 1.5\ \text{years}$

Simple interest is given by

$\Rightarrow S.I.=(P* R* T)/(100)$

In the question, time is taken in months which is incorrect

Putting values

$\Rightarrow S.I.=(500* 6* 1.5)/(100)=45\$$