If $1,000 is loaned for 5 months at 6 % annual rate, how much interest is earned?
1 answer:
Answer:
Interest earned is $25.2
Step-by-step explanation:
The formula to find simple interest is:
I = P₀rt
Where
I = interest rate
P₀ = Principal amount
r = interest rate
t= time
5 months = 5/12 years = 0.42 years
I = 1000* 6/100*0.42
I = 1000*0.06*0.42
I = 60*0.42
I = 25.2
Interest earned is $25.2
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<span>1.perpendicular bisector.
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