Question

If ​$450 is invested for one year at 55​% simple​ interest, how much interest is​ earned?

Answer 1

I think it is 550. 65

Answer 2

Answer:

$247.50

Step-by-step explanation:

You didn't specify, so I am going to assume that it is annual, or yearly, interest.

You want to calculate the interest on $450 at 55% interest per year after 1 year.

The formula we'll use for this is the simple interest formula, or:

I= P × r × t

Where...

P equals the principal amount, which is $450.00.

r equals the interest rate, which would be 55% per year, or as a decimal, 55/100=0.55.

t equals time involved, which is 1 year

To find the simple interest, we multiply 450 × 0.55 × 1 to get that the interest is $247.50