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Popular Word Problems >

Determine the simple interest earned on 20,500after 17 years if the APR is 16%.

Solution

De t er min e t h e s im pl e in t eres t e a r n e d o n 20, 500 a f t er 17 ye a rs i f t h e A PR i s 16%.

Solution

Interest : 55760

Solution steps

Translate the problem into an equation:

I = 20500 \cdot 0.16 \cdot 17

Simplify

I = 20500 \cdot 0.16 \cdot 17

Interest : 55760

Popular Examples

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