The simple interest earned on $500 at 6% for 18 months?
1 answer:
Ok, the formula we'll use is:
I (interest) = P (principle) x R (rate) x T (time in years)
so we know p, r, and t... this is an easy one... no formula rearranging or anything!! :)
I = $500 x 6% x 18/12
I've put 18 over 12 because the time has to be in years therefore, you divide 18 months by 12 months to get it in years which is 1.5 years.
I = $45
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Answer:
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Step-by-step explanation:
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