Question

How much simple interest would 1500 earn in 11 months at an interest rate of 3.75%

Answer 1

Answer: $51.56

Step-by-step explanation:

Formula to find simple interest :-

$I=Prt$, where P is the initial amount , r is rate of interest in decimal and t is time period in years.

Given : P= $1500

r=3.75%=0.0375

t= 11 months= $\dfrac{11}{12}\ year$   [since 1 years = 12 months]

Now, the simple interest will be :_

$I=(1500)(0.0375)(\dfrac{11}{12})=51.5625\approx\ 51.56$

Hence, the required simple interest = $51.56

Answer 2

$i = prt$
$i = 1500 \times .0375 \times 11$
$i = 5.63 \times 11 = 61.93$