Question

2. Find the simple interest on a $2,350 principal deposited for 15 months at a rate of 3.77%

Answer 1

To  solve for Simple interest, we use the formula:

I = Principal x Rate x Time(year)

where:

I = Simple interest = ?

Principal = $2,350

Rate = Rate on Interest = 3.77% = 0.0377

Time = 15 months, we have to convert 15months to year

12 months = 1 year

15 months = ?

Cross multiply

= 15 x 1/12

= 1.25 year

The Simple interest is calculated as:

$2350 x 0.0377 x 1.25

= $110.74375

Approximately = $110.74

Therefore, the simple interest on $2,350 is $110.74

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