Question

How much interest is earned on $269 at 10% for five years?

Answer 1

The interest would be $134.50

Answer 2

The simple interest can be calculated using the formula:

$I = \frac{PRT}{100}$

We are given :

Principal = $269

Rate of interest = 10%

Time = 5 years

Plugging the values in the formula:

$I = \frac{269*10*5}{100}$

Interest = $134.5