Justin loans his uncle 2,500. He changes 6.5% simple interest. His uncle pays him back in 2.5 years. How much interest does his
uncle pay?
1 answer:
Answer:
The simple interest accumulated on a principal of $ 2,500 at a rate of 6.25% per year for 2.5 years is $ 390.63.
Step-by-step explanation:
Given
- Interest rate r = 6.5% = 0.065
- Time period = t = 2.5 years
To determine
Interest I = ?
Using the simple interest formula
I = Prt
substituting P = 2,500, r = 0.065 and t = 2.5
I = 2500 × 0.0625 × 2.5
I = 390.63
Thus,
I = $390.63
Therefore, the simple interest accumulated on a principal of $ 2,500 at a rate of 6.25% per year for 2.5 years is $ 390.63.
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