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What is the simple interest on 500 for 5 years at the rate of 5% per annum

What is the simple interest on 500 for 5 years at the rate of 5% per annum
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3 votes
What is the simple interest on 500 for 5 years at the rate of 5% per annum

User Mindlis
by
7.4k points

2 Answers

7 votes

Answer:

125

Explanation:

Formula Simple interest:

P x r x t

User Bryce Cutt
by
8.0k points
2 votes
I = principal x rate x time
I = 500 x .05 x 5
I = 125

( time is always expressed in years and you convert rate to a decimal )
User Karmen Blake
by
8.3k points
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