Simple interest - II

[Blake corey]

Carl Aldous loans P 143, 440 at 14.58% sirnple interest. How much shall he have at the end of 5 years and 10 months?

Do i need to use I = prt and I = fdt formula for this?

 

[Otis]

Carl Aldous loans P 143, 440 at 14.58% sirnple interest. How much shall he have at the end of 5 years and 10 months?

Do i need to use I = prt …

Hi Blake. Yes, but convert 5 years + 10 months into total years, first.

For example: How much simple interest is earned on 1500 at 3.25% after 2 years and 9 months?

There are 12 months per year, so 9 months is 9/12ths of a year. 9/12 reduces to 3/4, so the total time in years is 2+3/4 (or 2.75).

I = p · r · t

I = (1500)(0.0325)(2.75)

I = 134.06

?

 

[Blake corey]

Hi Blake. Yes, but convert 5 years + 10 months into total years, first.

For example: How much simple interest is earned on 1500 at 3.25% after 2 years and 9 months?

There are 12 months per year, so 9 months is 9/12ths of a year. 9/12 reduces to 3/4, so the total time in years is 2+3/4 (or 2.75).

I = p · r · t

I = (1500)(0.0325)(2.75)

I = 134.06

?

Thanks again.