Calculate interest amount on 1500$ at 7.5% for 5 years.
Answer to Problem 34SR
Interest on 1500$ at 7.5% for 5 years is 562.5$
Explanation of Solution
Given:
Principle amount, P = 1500$
Interest rate, r = 7.5%
Time period, t = 5 years
Calculations:
Here, we have to calculate amount of interest.
We have an equation to calculate interest amount,
Putting values in above equation, we get
Conclusion:
Therefore, we are able to calculate value of interest on given principle amount, interest rate for given time period.
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