Find Simple Interest

Discussion in 'Algebra' started by nycmathguy, Jul 31, 2022.

  1. nycmathguy

    nycmathguy

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    Simple Interest is calculated by using Principal x Rate x Time. Find the Interest on $650.45 deposited in a bank for 10 years at an interest rate of 5%.

    I = Prt

    I = (650.45)(0.05)(10)

    I = 325.225

    I say the Interest is $325.23.
     
    nycmathguy, Jul 31, 2022
    #1
  2. nycmathguy

    MathLover1

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    correct
     
    MathLover1, Jul 31, 2022
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    nycmathguy likes this.
  3. nycmathguy

    nycmathguy

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    If all interest problems could be this easy.
     
    nycmathguy, Jul 31, 2022
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