Question

What is the simple interest for a principal of $650 invested at a rate of 9% for 5 years?

Answer 1

Answer: 292.50 dollars

Work Shown:

P = 650 is the the principal.

r = 0.09 is the interest rate in decimal form.

t = 5 is the number of years.

i = P*r*t

i = 650*0.09*5

i = 292.50 is the simple interest.

Answer 2

The simple interest will be "292.50".

Given values:

Principle,

• P = $650

Rate,

• r = 9% or 0.09

Time,

• t = 5 years

As we know,

→ $i = R\times r\times t$

By substituting the values, we get

      $= 650\times 0.09\times 5$

      $= 292.50$

Thus the response above is right.

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