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Popular Word Problems >

calculate the simple interest earned on an investment of 6600 at 2.5% per quarter for 10 years. Give your answer to the nearest cent.

Solution

c a l c u l a t e t h e s im pl e in t eres t e a r n e d o n an in v es t m e n t o f 6600 a t 2.5% p er q u a r t er f or 10 ye a rs . G i v e yo u r an s w er t o t h e n e a res t ce n t .

Solution

Interest : 1650

Solution steps

Translate the problem into an equation:

I = 6600 \cdot 0.025 \cdot 10

Simplify

I = 6600 \cdot 0.025 \cdot 10

Interest : 1650

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