Question

A woman received 5 per cent interest on a loan of $300 for 1 year. How much interest did she receive? $5 $15 $30 $150 none of these

Answer 1

Answer:

15$

Step-by-step explanation:

this is because if you use our formula of I= prt

we can substitute our varibles for our equation

I= 300 x 0.05 x 1

we turn 5 in 0.05 to represent out rate, due to this our rate would have to be Simplified into a percent then a decimal

after this if we now proceed through our equation we will get

I = 300 x 0.05 x 1

I = 15